How Exchange Works
Onboard Exchange enables seamless fiat-to-crypto (onramp) and crypto-to-fiat (offramp) transactions.
Compatible with any EVM-compatible dApps or wallets, Exchange allows anyone get onchain in less than 3 minutes, supporting micro-transactions of as little as $0.5 at near zero-fees
Letās explore how an end user experiences an Onboard trade, from start-to-finish.
Transaction lifecycle
Start in Your dApp or Wallet
Alice, a user in Kenya, wants to purchase USDC to deposit into a DeFi protocol. She opens her Web3 wallet (integrated with Onboard) and selects the Buy Crypto option.
Select offer
Alice inputs her desired amount (e.g., 5 USDC) and chooses her fiat payment method (M-PESA). Her wallet connects to Onboard, which either:
- Matches her with the best available offer for her amount and trading pair.
- Or shows a list of offers, sorted by rate, availability, and completion time.
Alice selects Bobās offer, which she believes has the best rate.
Initiate transaction
Alice confirms her wallet address and the transaction details. The order is initiated, and Bobās 5 USDC is locked securely in Onboardās escrow.
Make payment
Alice views Bobās payment instructions on-screen, and via her M-PESA app, transfers the equivalent amount in Kenyan Shillings (KES) to Bobās account.
Crypto released
Once Bob confirms receipt of the KES, Onboard releases the 5 USDC from escrow directly to Aliceās wallet. Alice is notified that her transaction is complete.
Start in Your dApp or Wallet
Alice, a user in Kenya, wants to purchase USDC to deposit into a DeFi protocol. She opens her Web3 wallet (integrated with Onboard) and selects the Buy Crypto option.
Select offer
Alice inputs her desired amount (e.g., 5 USDC) and chooses her fiat payment method (M-PESA). Her wallet connects to Onboard, which either:
- Matches her with the best available offer for her amount and trading pair.
- Or shows a list of offers, sorted by rate, availability, and completion time.
Alice selects Bobās offer, which she believes has the best rate.
Initiate transaction
Alice confirms her wallet address and the transaction details. The order is initiated, and Bobās 5 USDC is locked securely in Onboardās escrow.
Make payment
Alice views Bobās payment instructions on-screen, and via her M-PESA app, transfers the equivalent amount in Kenyan Shillings (KES) to Bobās account.
Crypto released
Once Bob confirms receipt of the KES, Onboard releases the 5 USDC from escrow directly to Aliceās wallet. Alice is notified that her transaction is complete.
Start in Your dApp or Wallet
Letās assume Alice has earned USDC in her wallet (integrated with Onboard) and now wants to withdraw it as KES for daily expenses. She selects the Sell Crypto option.
Select offer
Alice enters the amount she wants to sell (e.g., 10 USDC) and her preferred fiat payout method (M-PESA). Onboard matches her with a best offer, or shows a list of offers where merchants are buying USDC for KES. Alice selects an offer from Bob, who supports fast payouts.
Initiate transaction
Alice initiates the order, and approves for the USDC to be locked in to Onboardās secure escrow via her wallet.
Receive funds
Bob deposits the equivalent amount in KES into Aliceās M-PESA account. Alice confirms receipt of the payment.
Transaction complete
Once Alice confirms receipt of funds, Onboard releases the USDC from escrow to Bob. Both parties are notified, and the transaction is marked complete.
Process flow
- Diagram