Bitstamp EUR IOU Services on XRP Ledger
As one of the largest and safest crypto exchanges, Bitstamp now also supports EUR-backed IOUs on XRP Ledger.
From January 26 to March 27, 2023, we are offering zero transfer fees on all IOU transfers. Take advantage of this promotion and move your funds easily and cost-effectively.
Fast, reliable, and compliant borderless transfers of IOUs
Eligible Bitstamp customers can now take advantage of the XRP Ledger to transfer EUR across the network.*
Key benefits of using Bitstamp IOUs:
- Secure, cost-effective, fast and reliable transfers of IOUs
- Increased transparency and visibility of transactions
- All funds are safely stored by Bitstamp through our custodian partners
- Access to XRPL DeFi ecosystem
The IOUs we issue are underpinned by the same robust system of internal controls and regular external audits that ensure the integrity of our operations and our crypto offering. Therefore, you can trade and exchange Bitstamp-issued IOUs with the same high degree of confidence and security as you would any other asset.
How do Bitstamp IOU services work?
Let’s take a look at how you can say goodbye to costly and slow traditional payment methods and start utilizing the cost-efficiencies of Bitstamp IOUs.
IOUs at Bitstamp are based on the XRP Ledger and are issued by Bitstamp in exchange for eligible assets (e.g., EUR) when you wish to acquire or transfer them on the XRP Ledger.
XRP Ledger uses a distributed consensus ledger using a network of validating servers and crypto tokens called XRP. Despite having its own native cryptocurrency, it allows the issuance of other asset-backed tokens on the XRP Ledger called IOUs. Bitstamp is an entry/exit point for the XRP Ledger and issues three asset-backed IOUs.
Since the XRP Ledger is a distributed network, there is no need to wait for multiple block confirmations and they usually go through the network quickly.
We never store the IOU tokens, all of that happens on the XRP Ledger.
How to deposit and withdraw IOU tokens
Deposit your eligible assets (e.g., EUR) to your Bitstamp account
- Before making the transaction, ensure that your external XRP wallet address trusts the following address: rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B.
- To initiate a deposit to your Bitstamp account, you will need an external XRP wallet with IOUs (e.g., EUR).
- After logging in to Bitstamp, click on the Deposit tab and select the IOU option from the left-hand side menu.
- Use the deposit address and destination tag provided by Bitstamp to initiate the deposit from your external wallet.
- Wait for the deposit to be confirmed on the blockchain and the funds will be credited to your Bitstamp account.
Withdraw your eligible assets (e.g., EUR) IOUs from your Bitstamp account
- Before making the transaction, ensure that the destination XRP wallet address has established trust with the following address: rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B.
- To begin the IOU transaction, ensure that your Bitstamp account holds e.g., EUR.
- Log in to Bitstamp and click on the Withdrawal tab. Select the IOU option from the left-hand side menu.
- Fill in the XRP wallet address, Destination Tag (if required), amount, currency to withdraw, and click "Withdraw" to proceed with the transaction.
- You will receive an email for additional security where you confirm the transaction.
Xumm wallet integration
Xumm is the largest non-custodial wallet on the XRP Ledger. Through Xumm you can now hold your Bitstamp IOUs in a secure non-custodial environment and interact with the applications in the XRP Ledger ecosystem, using multiple accounts if you wish.
If you’d like to dive into IOUs and their applications in general, feel free to take a read through our Learn Center Article "What are Bitstamp IOUs"
Enjoy secure, cost-effective, fast and reliable transfers of IOUs, transparent and traceable transactions, 24/7 availability through Bitstamp. Additionally, up until March 27, 2023, with no transfer fees.
*The Bitstamp IOU Services are available only on the Bitstamp website platform and to eligible users globally, except for EUR-IOUs which are not available to users residing in the US and Singapore.