Get ready, USDC deposits, auctions, and secondary market are coming to Chronicle
Chronicle is thrilled to show off what is set to be our biggest production update since the initial launch of the Chronicle platform — crypto payment integration, auctions and the secondary marketplace.
We’re integrating Circle for USDC payments and Onfido for biometric KYC to ensure the best possible experience for Chronicle users.
Highlighted features include:
1. USDC user balances
2. Biometric KYC
3. Crypto deposits via Circle (withdrawals to follow soon)
4. Auctions
5. Secondary marketplace (live next week)
User Balances
Users will soon see upon signing in that they have a Chronicle account balance in USDC. This account balance can be used to both purchase and bid on digital collectibles within the Chronicle ecosystem.
User account balances can either be topped up via USDC or credit card (explored in further detail in the section below) or when a user’s collectible has successfully sold on the secondary market.
Biometric KYC
Chronicle has integrated Onfido, the global identity verification and authentication provider, to perform real-time biometric identification checks so Chronicle users have fast access to USDC payment services provided by Circle.
Chronicle customers will be asked to perform their KYC either via a webcam or a smartphone device when they first go to manage their Chronicle wallet.
The KYC step only needs to be performed once and will take no more than a few minutes in most cases.
Users in the United States will also be required to enter their SSN number for compliance purposes.
In accordance with AML and compliance with our financial partner, we are also required to prevent users from prohibited jurisdictions from accessing KYC and payments in Chronicle.
Prohibited jurisdictions: Afghanistan, Belarus, Central African Republic, Congo, Cuba, Guinea-Bissau, Iran, Iraq, North Korea, Libya, Mali, Myanmar, Somalia, South Sudan, Sudan, Syria, Ukraine, Venezuela, Yemen.
Prohibited US jurisdictions: New York, Hawaii, Alaska, Minnesota.
Note that users in prohibited US jurisdictions will still be able to purchase collectibles on the Chronicle Store via Credit Card (Stripe), however these users won’t have access to USDC services (wallet, marketplace, and auctions will therefore not be available).
Crypto Deposits via Circle USDC
Users in Chronicle can finally purchase collectibles by topping up their account balance with USDC.
Account balances can be topped up by:
i) Depositing USDC (ERC-20) on the Ethereum Network to their unique provided address
ii) Purchasing USDC via credit card (powered by Circle)
If topping up USDC via ERC-20 please ensure that you are only sending USDC to this address and NOT Ethereum or XNL. Anything deposited other than USDC is non-recoverable, though new integrations will soon see alternative possibilities.
Note that credit cards have the following limits for all Chronicle users:
a) No more than US$3,000 deposit per day
b) No more than US$5,000 deposit per week
c) No more than US$20,000 deposit per month
These limits apply to cards and do not apply to USDC blockchain transfers.
Note that, whilst deposit functionality is open, full withdrawal functionality will be live within an estimated 2–3 weeks time.
Auctions
We’re also excited to announce Chronicle users will instantly be able to use their USDC balance to bid on Auctions in the Chronicle store, with the first Auction LIVE NOW — the Most Pupular NFT, with people now able to bid to own a single, extremely rare NFT now. Bids close Mon 14 Feb 4.59AM UTC!
A newly visible Auction tab is now visible from the New Drops page. Users can click the Auction tab to view all live and finished auctions.
To bid on an auction simply ensure that you have sufficient USDC balance in your Chronicle account and make a bid.
Your bids need to be at least 5 USDC greater than the current highest bid in order to be recorded.
Notes:
- You can only bid what is in your USDC balance. Need more USDC to increase your bid? Add more balance by topping up your account.
- Once you confirm your bid it is final — you cannot cancel your bid once confirmed.
- The bid amount will be deducted from your USDC balance (placed on hold) only if you are the leading bidder. If someone overtakes your bid, your USDC balance will appear again in full as you are no longer in the lead and therefore cannot win the auction.
At the end of the auction the winning Chronicle user will be able to mint the NFT to their account (and show it off to the rest of the world!)
Secondary marketplace
We’re also pleased to announce that the much-anticipated secondary marketplace will also be opening on Chronicle.
Chronicle users will be able to place any of their items for sale on the secondary marketplace for a fixed fee.
The secondary marketplace runs only on USDC and users will transact and earn sales in USDC.
Chronicle charges a 5% fee on all sales on the secondary marketplace to cover operational expenses and to provide a royalty to the brand IP owner. Sellers will therefore see 95% of the sale added to their balance upon a successful sale.
The secondary marketplace functionality will be rolled out on Wednesday, February 16th.
What’s Next?
Our attention now immediately turns to the fun stuff — XNL integration and gamification of the Chronicle platform.
Users can expect accelerated developments as we ramp up production to create the world’s leading digital collectibles platform for officially licensed beloved brands.
Stay tuned!
ABOUT CHRONICLE
Chronicle is a leading next-generation digital collectables marketplace where fans can buy, sell, trade, or gift authenticated, officially licensed digital collectables from the world’s best known brand and entertainers in the form of NFTs. Its newly announced auctions and secondary marketplace functions allows fans to sell their NFTs at a price of their choosing.
Although Chronicle is blockchain agnostic, Chronicle utilizes the Aurora EVM (“Ethereum Virtual Machine”) built by NEAR Protocol for their environmental awareness. Unlike high-energy Proof of Work systems, Aurora is based on NEAR Protocol’s Proof of Stake driven technology and is committed to reducing their carbon footprint with a tree-planting offset program.
✅ Discord
✅ Twitter
✅ Telegram
✅ Instagram
✅ Facebook
✅ LinkedIn
✅ TikTok
✅ Weibo
ABOUT CIRCLE
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is the principal operator of USD Coin (USDC), one of the fastest growing dollar digital currencies powering always-on internet-native commerce and payments with a circulation greater than $52 billion as of February, 2022 and over $2.5 trillion in on-chain transactions in 2021 according to internal data aggregation. Today, Circle’s transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through the frictionless exchange of financial value. Additionally, Circle operates SeedInvest, a leading startup fundraising platform in the U.S. Learn more at https://circle.com
ABOUT ONFIDO
Onfido is setting the new identity standard for digital access. The company digitally proves a user’s real identity using artificial intelligence (AI), by verifying a photo ID and comparing it to the person’s facial biometrics. This means businesses can verify their users without compromising on experience, conversion, privacy, or security.
Recognised as a global leader in AI for identity verification and authentication, Onfido is backed by TPG Growth, Idinvest Partners, Crane Venture Partners, Salesforce Ventures, M12 — Microsoft’s venture fund, and others. Onfido has raised $200m in funding, and with over 600 team members across eight countries, is enabling digital access for some of the largest companies around the world.
