NOWPayments is pleased to introduce a new feature: you can activate Custody in your Account within a few minutes! Now it’s even easier to start using all the NOWPayments tools — easier than it was ever before.
What is a Custody Solution?
Custody (previously known as Balances) is a feature that allows you to store cryptocurrency on your balance within your NOWPayments account.
Initially, NOWPayments is a non-custodial service, and our standard flow allows you to receive money through our processing system straight to your wallet. Our partial custody solution is optional.
How was Custody enabled before?
To enable custody, it was necessary to make a request to [email protected] and fill in a special form.
How can you enable Custody NOW?
You can do it yourself in your account IMMEDIATELY after registering and adding a crypto wallet. Custody is enabled in the Custody section of your Personal Account.
When enabling Custody, you whitelist your IP address. You can also add other IP addresses if necessary. Please note: if you need to whitelist a different IP address in the future, you will have to send a letter to [email protected] using the same email address your account is registered with.
Once you have whitelisted your IPs, you will see a message “Your balances are safe but temporarily unavailable.” Don’t worry! Try refreshing the page after 5 minutes—the default Balance/Custody page message will appear (see image below).
Benefits of Custody Solution
- The custody feature allows you to save on network fees when using NOWPayments. As a business, you receive hundreds of crypto payments daily. You can withdraw a large amount to your wallet one time instead of paying out the network fee for each transaction because the fee for sending a deposit to your wallet is charged not on each separate payment but on the whole amount withdrawn.
- Your funds are safe and sound with your NOWPayments Account.
- With enabled Custody, you can use the Mass Payout feature (say, to pay your employees’ annual cryptocurrency bonuses!). Other use cases for crypto Mass Payments include salaries, freelance commissions, rebates, or affiliate rewards — all this is possible in a single API call!
How to enable Custody Solution
- Create a NOWPayments Account or log in to the existing one
- Add your crypto wallet and create an API key
- Go to Custody section in the left panel
- Check the box that says “I have read and accepted Custody Solution user agreement” and click “Continue”
- Whitelist your IP addresses:
- You can include your current IP address automatically by checking the box as well as you can add other IP addresses
- Please keep in mind that to change or add IP addresses in the future, you will have to make an official request to [email protected]!
- Check the box that says “I intend to include the aforementioned IP address(es) to whitelist and take all the risks related to it” and click “Continue”
- You will see a message “Your balances are safe but temporarily unavailable.”
- Refresh the page 5 mins later — you will see the default Custody page message which means Custody is enabled and ready to use.
Conclusion
Hope this tutorial will help you enable Custody Solution in no time and enjoy all the benefits of NOWPayments tools!