Faast SWAP API is Now Available!
APIs are what make modern digital connectivity possible. On the internet, they are so integral that you scarcely notice their presence at all. We just take it for granted that Facebook, Twitter, Disqus and all the other various platforms can seamlessly integrate with the websites we visit, and that websites themselves can seamlessly interact with each other. While we’ve written at length about how frustrating the fragmentation of the cryptocurrency world can be, the good news is that crypto-focused APIs for websites and wallets are becoming more common and more functional with each passing year.
Today we’re proud to announce the launch of the Faast SWAP API. In this post we’ll explain why our product raises the bar for how a cryptocurrency swapping API should function, as well as the unique the benefits of Faast integration.
What is the Faast SWAP API, and what will it let me do?
The Faast SWAP API will allow you to embed the currency swapping capability of Faast into your own wallet or website. In this way, you can essentially create your own one-stop shop for swapping 100+ cryptocurrencies on your platform, powered by our technology.
Take a look at a wallet like MetaMask.io, which currently has ShapeShift integration. Using this product, users can swap cryptocurrency with the ShapeShift API embedded into the wallet. With these features in place, traders can read about a cool token, then add it to their wallet right away.
That’s pretty cool, but of course, ShapeShift is not without its limitations. As we’ve written before, Faast basically blows it out the water in terms of supported currencies, stable coin support, and more.
The two primary pillars that the Faast project is built on are security and privacy. The Faast SWAP API provides a safe way for users to convert their own cryptocurrency holdings to other currencies using only their own wallets, without the need to create an account anywhere.
As with other crypto swapping APIs, users specify which cryptocurrency they wish to swap and the new currency they want to receive, along with the quantity and a receiving address. After doing this, Faast instantly creates a deposit wallet address for the currency the user is swapping. When our network detects a deposit into this wallet, the order is fulfilled at the market rate for the desired currency, and delivered to the deposit wallet address the user provided.
The Faast SWAP API offers both Fixed and Variable pricing. Fixed pricing is designed to protect against the inherent volatility in the crypto markets. Whether you are using Faast, another API, or an exchange, there will always be a slight delay between when an order is created and when it is fulfilled. But with how volatile markets can be, even these brief delays can result in pricing discrepancy, which is no fun for anyone. Fixed pricing guarantees the initially quoted price as long as the deposit is received before the expiry period. Variable pricing offers more flexibility, allowing users to receive their desired currency at the prevailing rate at the time their deposit is received.
Faast SWAP API Affiliate Program
Of all the various crypto swapping APIs out there, Faast offers the best opportunity for generating revenue. Our API is unique in that we allow you to choose the exact percentage you would like to receive as a commission for each transaction.
Our swap pricing is based on prevailing market rates, as well as 0.5% fee. Affiliate partners will add their margin on top of this. We suggest 0.5%, but as stated above, it’s really up to you. No matter what margin you set, we recommend being 100% transparent with your users about what your margins are to avoid misunderstandings.
Affiliate payouts are made after commissions reach at least 0.01 BTC. By default, we pay out in BTC, but you can receive payment in any other cryptocurrency supported by Faast by setting up a variable rate BTC currency swap with our API by using the BTC deposit address as an affiliate payment address. When we send your affiliate payment, it will be automatically converted into whichever cryptocurrency you want.
How do I get started with the Faast SWAP API?
We’ve set up a new page explaining all the details, as well as the options for integration testing to see if the Faast API is right for you.