This guide will walk you through configuring and integrating with the Anchor Platform for the purpose of building an on & off-ramp service compatible with SEP-24, the ecosystem's standardized protocol for hosted deposits and withdrawals.
By leveraging the Anchor Platform's support for SEP-24, businesses make their on & off-ramp service available as an in-app experience through Stellar-based applications such as wallets and exchanges, extending their reach and connecting with users through the applications they already use.
Before continuing with this section, make sure that you have already installed the Anchor Platform, and configured necessary features, required by SEP-24: SEP-1 (Stellar Info File) and SEP-10 (Stellar Authentication)
The Basic User Experience
The complete customer experience a deposit and withdrawal goes something like this:
- The customer opens the SEP-24 wallet application of their choice
- The customer selects an asset to deposit and the wallet finds an anchor (clients could also chose the specific anchor)
- Once the wallet authenticates with the anchor, the customer begins entering their KYC and transaction information requested by the anchor
- The wallet provides instructions, and the customer deposits real fiat currency with the anchor (e.g. makes a bank transfer)
- Once the wallet receives the deposit, the customer receives the tokenized asset on the Stellar network from the anchor's distribution account
The customer can then use the digital asset on the Stellar network for remittance, payments, trading, store of value, or another use case not listed here. At some later date, the customer could decide to withdraw their assets from the Stellar network, which would look something like this:
- The customer opens their wallet application
- The customer selects the asset for withdrawal and wallet finds the anchor
- After authenticating with the anchor, the wallet opens the given interactive URL and allows the customer to enter their transaction information (KYC has already been collected)
- After asking for customer approval, the wallet sends the specified amount of the customer's asset balance to the anchor's distribution account on Stellar
- Once the anchor receives the payment, the customer receives the withdrawn funds via bank transfer.