Gateway services are popular as they provide users with the ability to transfer assets between different markets.
This is a fiat to crypto gateway and in this initial release, will facilitate the exchange of fiat to crypto and vice versa.
The fiat and crypto to be used in this service are contained within Taupemist's investment portfolio as are all assets belonging to the Taupemist organisation. It is essential that the current investment objectives are maintained and this service does not operate in detriment to the organisation and it is for that reason, that the availability of assets within this gateway will fluctuate over time.
As Taupemist is a non-profit organisation, members are not required to pay any fee or profit margin.
The exchange will occur at a 1:1 conversion ratio and will not impose any expense or profit on the organisation i.e the price of TM and the value of the investment portfolio will not be affected by the use of this service.
The amounts to be exchanged should be balanced.
Due to the limited availability, the gateway service will be offered on a first-come-first-served basis.
Taupemist members that hold the required level of membership and desire to exchange bitUSD for fiat or vice versa should first check for the availability of their desired asset in the comment thread.
If their desired asset is available, then they can make a gateway request.
The request will receive a response within 24 hours, which will be an approval if the desired asset is indeed available.
On approval, the member should transfer their asset to Taupemist and when received, Taupemist will transfer their desired asset to the member.
The amount of fiat and crypto available will be advertised and logged historically through the comment thread of this Steem article.
Please check back here often for availability.
BitUSD will be the primary and most common crypto available as it's a pegged to the price of fiat USD and provides the most convenience.
As BitUSD and fiat are both denominated in USD within the portfolio and a gateway exchange always occurs at a 1:1 conversion ratio, a gateway transaction using BitUSD would not require an update to the investment portfolio. However, other cryptocurrencies may become available depending on their value to the organisation.
Here's an example gateway request to exchange 100 euro for 100 euro worth (at the current market value) of Bitcoin.
GATEWAY REQUEST
AMOUNT: 100
FROM: Euro
TO: Bitcoin
Gateway requests should be posted in the comment thread of this Steem article to be legitimised and posted in the Telegram channel to advertise the request to the organisation.
Taupemist's fiat account is denominated in euro however, the account provider (N26 bank) has partnered with an excellent payment service called: Transferwise. Transferwise supports currency transfer from and to various countries around the world incl. Australia and Brazil with extremely low fees and is the recommended method for transferring fiat to/from the Taupemist organisation.
A minimum amount will not be strictly enforced however it will reside at around ten dollars.
If you have any questions or uncertainties, then please ask via a reply to this post.
Thanks!
