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I am building a crypto on-ramp for users in emerging markets that allows users to buy crypto via debit/credit cards, mobile money, etc.

  1. What is the flow of buying crypto on behalf of users? From payment to acquiring the cryptocurrency to sending to a user's wallet address.

I'd like some detail if possible.

I've looked at Binance, Blockchain, Bitfinex, Kraken, Gemini APIs as well as other APIs and so far to my understanding, buying would involve creating a trading account with an exchange, filling the account with some amount of money and then calling the exchange's API to make a market order when a user requests so.

  1. Am I on the right path or is there a better way to go about this?
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    Does this answer your question? How do you obtain bitcoins? Jan 7, 2022 at 18:43
  • @darkknight thank you but not it doesn't. So, what I'm trying to figure out is to facilitate the buying process for users like a Coinbase or Binance, should I start with one of these exchanges' API or should I run a full node with some liquidity to sell to users? Or is there another way? An example of what I'm talking about is MoonPay in the US. Jan 12, 2022 at 10:38

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  1. User creates an account on the exchange.
  2. User submits KYC documentation such as their ID, bank statements, etc., and waits for exchange to review the documentation and the account to be approved.
  3. User attaches their payment method: bank account/credit card.
  4. User places a buy order on the site; the order gets fulfilled.
  5. User withdraws their purchased crypto.
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  • Hi, thank you. I'm familiar with this process. What I'm trying to figure is how would I build something like MoonPay? What is the underlying process to selling crypto to users through their debit cards? Jan 12, 2022 at 10:40
  • @ObakengMosadi The hardest part of doing something like that is probably getting the approval from a bank to process debit transactions for you. You'll have to work out with your acquiring bank what regulatory steps they'll need you to complete to offer that. But once you have the money from the user, you'd just buy the crypto off of an exchange and send it to the user.
    – ieatpizza
    Jan 14, 2022 at 1:57

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