Bans of crypto and payment forwarding
Recent events on the world stage have caused sanctions that limited the use of crypto industry tools in Russia and Belarus.
The following major European and American companies have completely stopped customer service:
At the same time, some of them decided to irretrievably leave funds and crypto assets in their accounts. Blockhchain.info, the largest crypto payment operator, a blockchain explorer, and a popular wallet, has recently joined this list.
Use hardware or software wallets with the ability to export private keys not to lose your funds. You control your funds yourself only in this case.
Use non-custodial services or payment forwarding as processing.
A non-custodial acceptance of payments implies that a client provides addresses or xpub of HD wallet (BIP32) for transaction tracking and payment notification. Such services have been blockchain.com (sanctions), bitcoin.com, and blockonomics.io until recently.
Payment forwarding is an instant transfer from a temporary crypto address to the address of the recipient, with notifications (callbacks) about transactions. Such services are, for example, gourl.io, and opennode.com. Apirone also provides the services of forwarding, and soon we are going to launch a non-custodial wallet. For more details look at our website.
How does forwarding work?
A temporary address is generated for each payment.
It is needed to identify the order, since a customer can pay partially, from different sources, or at different times, for example. If you use the same address to receive payments, it is difficult to determine who paid you, when, for what, and how much.
Wallets managed by third parties can be insecure and vulnerable since the payment provider can request KYC verification or even block funds themselves. A vivid example is the consequences of sanctions: processing companies that prohibit the use of your own money; exchanges that decided not to return clients’ assets; services that stage a hacker attack and the loss of all client funds.
Forwarding is an intermediate option between custodial and non-custodial processing. This is a great way to start and roll out your new projects quickly.
