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    How funds come and go to and from your XRP Ledger wallet

    • Updated

    This article briefly explains the background of transactions to and from an XRP Ledger wallet on GateHub.

    Each cryptocurrency (BTC, BCH, LTC, ETH, ETC, DASH...) deposit or withdrawal on GateHub consists of:

    • One or more transactions on the native currency blockchain (i.e. Ethereum or Bitcoin) and
    • One on the XRP Ledger (formerly known as Ripple Consensus Ledger)

    Each of the two transactions has a distinct hash (depending on the network) and different sending and receiving addresses.

    Some additional steps are required by GateHub to connect and match these transactions.

    Deposit example

    A deposit from a Bitcoin wallet or another service to a user XRP Ledger wallet includes the following transactions:

    • The user sends BTC to a BTC deposit address (unique for every wallet at GateHub).
    • BTC deposit addresses should always be empty. Transactions are forwarded to a GateHub-owned wallet on the BTC network.
    • When the deposit is detected on the BTC network, a corresponding amount of GateHub Crypto  BTCs are sent from a GateHub XRP Ledger wallet to the user’s XRP Ledger wallet address.

    The deposit tutorial is available here.

    Withdrawal example

    A withdrawal from an XRP Ledger wallet to a Bitcoin address generally includes the following transactions:

    • GateHub Crypto BTCs are sent from the user’s XRP Ledger wallet to a GateHub XRP Ledger wallet (issuing address) on the XRP Ledger (formerly known as Ripple Consensus Ledger).
    • When the withdrawal is detected on the XRP Ledger, a corresponding amount of BTCs is sent from a GateHub-owned Bitcoin wallet address to the user’s specified BTC address.

    The withdrawal tutorial is available here.


    Other cryptocurrency deposits and withdrawals work analogously.

    Deposits of unsupported tokens

    DO NOT SEND

    Unsupported currencies or tokens to your deposit addresses and make sure to only send currencies to their corresponding addresses.

     

    Crosschain deposits will be subject to our Crosschain Recovery Policy.

    Ownership of deposit accounts

    The deposit addresses (for cryptocurrencies other than XRP) generated by GateHub do not belong to the user. They are transitional addresses used to link deposits to specific users.

     

    Unsupported token deposits (ICO), airdrops or blockchain forks will not be credited to your GateHub-hosted or XRP Ledger wallet and will not be recovered as per our Crosschain Recovery Policy.

     

    All supported currencies blockchain forks or airdrops will be publicly announced beforehand.

     

    Investing in ICOs with your GateHub account is not advisable as the funds on the native network are sent out from a GateHub-owned address. Unsupported tokens received in return to GateHub-owned addresses will not be credited to users.

     

    Always verify that you are using the correct address and network for the asset that you are depositing before sending; Only send ERC-20 tokens to the corresponding receiving address via the Ethereum network (ERC-20 standard). Please do not send any other currencies to the corresponding address or use other standards as GateHub only uses the ERC-20 standard. Sending an incorrect currency or using a different network may result in loss of funds.