Tutorial for using Carbon’s Fiat Gateway
Since launching Carbon’s fiat gateway around a month ago, we’ve seen lots of interest from community members and institutions alike. We’ve listened to suggestions and feedback intently and have worked around the clock to deliver what we believe to be the easiest and most intuitive fiat gateway available on the market.
The best part? It is available to everyone today!
Because of all the new interest, we’ve taken some time to write up a tutorial for using Carbon’s fiat gateway as well as recorded a video walk-through, which is linked below.
So what are you waiting for?
Step 1: Sign up at fiat.carbon.money
The first step to creating Carbon USD stablecoins is to sign up for a Carbon account. Anyone with an email can sign up today at fiat.carbon.money/signup.
There is an option for Individual or Business. For most people, select individual. If you are using Carbon’s fiat gateway on behalf of a company/business (think hedge funds etc), you will need to select Business.
After you sign up and create an account, you will be required to verify your email. Check your inbox under the associated account (maybe even Spam folder) for an email from firstname.lastname@example.org. There will be a link inside asking you to confirm your email.
After your email successfully verifies, you will be able to access the main application to submit identifying information (KYC + Ethereum Address) to use our fiat gateway.
Step 2: Submit KYC Information
For every account, we need to maintain a private record of every dollar converted into CarbonUSD and vice versa. This means we need to comply with KYC-AML regulation (Know Your Customer — Anti Money Laundering).
To get to this page, simply click on the “Settings” tab and find the “Customer Registration” tab.
You will need to submit the following information: your full legal name, date of birth, residence information, government tax ID number and a passport photo.
After submitting, your KYC information will be “Pending” for 3–5 days before processing at our identity partner’s system. We are actively working to make this process faster, but delays happen if errors occur. If you have prolonged errors, please send us an email at email@example.com and we will fix it as soon as possible.
Step 3: Add Ethereum Address via MetaMask (Web3)
Before receiving CarbonUSD, you will need to add your Ethereum Address so we know where to send your CarbonUSD.
Currently, our fiat gateway uses Web3 Providers like MetaMask or Coinbase Wallet (Toshi) to allow users to add Ethereum Addresses. We recommend downloading MetaMask if you haven’t already (Chrome Extension is best) to interact with our gateway.
For beginners on MetaMask, please follow this tutorial and come back.
After adding MetaMask correctly, go to the “Settings” tab and click “Address Verification” to add your Ethereum Address. If everything is installed correctly, a popup should appear, which allows your to add your address and verify ownership.
Step 4: Wait for KYC Verification (3–5 days)
Once your KYC confirms, you will be able to access the full application.
Please be patient with us during this process as it takes time to verify identity. We place the utmost importance on maintaining security and regulation as we allow users to convert fiat money into Carbon money.
You can check your status of KYC verification on the main dashboard or by clicking on the “Settings” tab and “Customer Registration” sub-tab.
If you are verified, a green circle with a check mark and “Verified” text status will appear, showing that you are indeed verified by our identity partners.
Now you are ready to use Carbon’s fiat gateway!
Step 5: Deposit US Dollars (Convert into CUSD)
To deposit US dollars, you will now need to click on “Deposit USD”.
The first time using the app, you will notice that the app will be “whitelisting” your Ethereum Address. There are two steps here (Whitelist #1 for WT0 and Whitelist #2 for CUSD). Be patient for both (may take around 30–60 seconds), depending on the Ethereum Network.
After confirming, in the future, the Whitelist is a read operation (not write) moves to the deposit page very quickly.
All you need to do is add a deposit amount (must be greater than or equal to $1000.00). We charge $0 as Carbon, however you will need to pay a wiring fee.
After you finish adding a deposit amount, you must click “Finish” for the deposit wiring instructions to finalize. You will need to wire money via your 3rd party banking app (Chase, Bank of America, Schwab, etc.) to the wiring instructions.
NOTE: The account you wire from must have the same name as the account on your Carbon account. Otherwise, the money will be refunded.
If you lost your wiring instructions, simply check the history section and click on the corresponding history item to pull up the wiring instructions.
IMPORTANT: Be sure to include the reference number in the comments/description section of the wire. Without this, we are not able to credit your account with CarbonUSD.
Once the wire settles at our banking partner’s account, we will mint you your CarbonUSD at the Ethereum Address on your account. You will be able to use it immediately and send it to any other Ethereum Address. :)
Step 6: Withdraw US Dollars (Convert out of CUSD)
On the converse, you can withdraw CarbonUSD into US Dollars. To do so, you need to have CarbonUSD on your Ethereum Address associated with your account.
You will also need to add a Wire Withdrawal Method in “Settings” and under “Linked Accounts”. Adding a Wire Withdrawal Method is easy. You simply need to add a routing/account number of a savings/checkings account. Once the payment method successfully adds, you will be able to reference it upon withdrawal.
A 0.1% fee will be taken in CarbonUSD for the withdrawal in addition to the wiring fee ($15 for domestic wire transfers and $35 for international wire transfers). For example, a withdrawal of $10,000,000 will incur a fee of $10,000 plus the wiring fee.
The money will deposit into your account in 1–2 business days, assuming no errors in the wire withdrawal method.
Summary Recap Video:
To recap, Carbon’s fiat gateway has a few steps to onboard, but they are all vital to utilizing Carbon. You must add KYC-AML information, your Ethereum Address and Wire Withdrawal Methods. But beyond that, the limit is your imagination. Here a summarized video from beginning to finish with me explaining how the fiat gateway works.
LINK TO VIDEO: Carbon Fiat Gateway Video Tutorial
As always, we appreciate your feedback and suggestions. Carbon takes improvement very seriously and wants to make the best possible product for our users.
We promise you won’t be disappointed in the coming months.
Submit Feedback Here: https://carbon.canny.io/feedback