Introducing Stablecoins!

We are proud to announce that we have integrated with a crypto payment provider to bring you a new method to withdraw money. Stablecoins!

What are Stablecoins?

Stablecoins are cryptocurrencies where the price is backed by a reference asset, generally an asset considered to be more stable. The assets are often fiat money, commodities like precious metals, or other cryptocurrencies. Stablecoins differ from Bitcoin and Ethereum through what each cryptocurrency is pegged to. Bitcoin and Ethereum are not pegged to an asset the way Stablecoins are. For more information, you can check out CoinMarketCap

Some examples of Stablecoins that you will be able to withdraw to, are:
Tether (USDT) - A Stablecoin backed by the US dollar
USD coin (USDC ) - A Stablecoin backed by money and short-dated U.S. treasuries

Using Stablecoins

To use Stablecoins, log into your account and choose to add a payment method, USDT or USDC. We have chosen the Ethereum network to run Stablecoins, therefore add your Ethereum wallet address. Send your request to add the payment method and we will review it. If needed, we may request ID verification. Upon approving the payment method, you can simply click withdrawal.

Fees

Upon requesting the withdrawal, you will see the standard payment method fee of $2 and the destination amount of your chosen asset. Please note that the destination amount also covers the miner fee ($0.5 - $2 depending on the network load). The miner fee is not something goLance has control over but you can keep track of what it may be through Etherscan

Timeline

Once you have requested a withdrawal, it can take up to 24 business hours to complete and reflect into your wallet.

Troubleshooting Stablecoins

If you are running into any issues adding your wallet address or with your transactions, please reach out to our customer support so that we can assist you with the issue.

Updated on: 02/12/2022