With cross-chain support, Independent Reserve offers seamless connectivity across multiple blockchain networks, providing access to blockchain-specific benefits like faster transactions and lower fees. Through our streamlined interface, step into a more connected, interoperable blockchain experience.
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- How to select the right blockchain network
- How to make cross-chain deposits
- How to make cross-chain withdrawals
- Frequently asked questions
How does cross-chain support work?
Most crypto assets are only supported on the blockchain network that hosts them. However, for select assets when available, we offer cross-chain support to provide greater flexibility.
This feature allows you to choose between multiple blockchain networks for your transactions—such as depositing USDC via the Solana or Ethereum networks. During the deposit or withdrawal process, supported networks will be clearly displayed, giving you the freedom to select the network that best suits your needs.
Regardless of which network they were deposited from, your assets will automatically be deposited into the same account. For example, if you deposit USDC through the Solana network, it will be deposited into your account’s USDC balance.
At the time of withdrawal, the asset will be fungible (mutually interchangeable) across all supported blockchains. In this example, you could withdraw USDC through either the Ethereum or Solana network.
Why use this feature?
Having the flexibility to choose from multiple networks for your Independent Reserve transactions means you can take advantage of a range of network-specific benefits, including lower fees and faster processing times on certain networks.
How to select the right blockchain network
The same network must be used on both the sending and receiving ends of a transaction. For example, if you deposit USDC from your crypto wallet into your Independent Reserve account, the sending end (i.e., your crypto wallet) and receiving end (i.e., your Independent Reserve address) must both be on the same network, such as the Solana network.
Assets deposited or withdrawn to the wrong address or unsupported network can result in the permanent loss of those assets.
See below for further details on how to make deposits and withdrawals through cross-chain support.
How to make cross-chain deposits
Using your web browser
- Log in to your Independent Reserve account.
- Click Accounts in the navigation menu, or Deposit from your Dashboard.
- Click on Deposit next to USDC.
- Select your preferred USDC transfer network.
- Select your USDC deposit network and use this network on the platform or wallet you’re sending crypto from. Enter the deposit address details provided to transfer USDC from your depositing address into your Independent Reserve account.
Please contact customer support, via the support screen of your account, if your deposit does not arrive within 24 hours.
Using the mobile app
- Launch the Independent Reserve mobile app and log in to your account.
- Tap on Wallet at the bottom right of the menu.
- Tap on USDC and Deposit from the list available.
- Select your preferred USDC transfer network.
- Select your USDC deposit network and use this network on the platform or wallet you’re sending crypto from. Enter the deposit address details provided to transfer USDC from your depositing address into your Independent Reserve account.
Please contact customer support, via the support screen of your account, if your deposit does not arrive within 24 hours.
How to make cross-chain withdrawals
Using your web browser
- Log in to your Independent Reserve account.
- Click Accounts in the navigation menu.
- Click on Withdraw next to USDC.
- Select your preferred USDC transfer network.
- Confirm your USDC withdrawal network, and use this network on the platform or wallet you’re receiving crypto to. Enter your destination address and wait for the address to be validated.
- Enter the withdrawal amount. USDC withdrawals are irreversible once sent so ensure that the address is correct. Beware of potential scams.
- Review your withdrawal details, and confirm your password to proceed. You will then receive confirmation that your withdrawal has been processed.
Using the mobile app
- Launch the Independent Reserve mobile app and log in to your account.
- Tap on Wallet at the bottom right of the menu.
- Tap on USDC and Withdraw from the list available.
- Select your preferred USDC transfer network.
- Confirm your USDC withdrawal network, and use this network on the platform or wallet you’re receiving crypto to. Enter your destination address and wait for the address to be validated.
- Enter the withdrawal amount. USDC withdrawals are irreversible once sent so ensure that the address is correct. Beware of potential scams.
- Review your withdrawal details and confirm your password to proceed. You will then receive confirmation that your withdrawal has been processed.
Frequently asked questions
Why is my deposit unavailable?
Some Multi-user accounts may set deposit restrictions. The network can also experience temporary disruptions. If your deposit has not been received within 24 hours, please select customer support for assistance.
Why are confirmations required before a transaction is finalised?
Confirmations validate transactions on the blockchain, ensuring their authenticity and security. The number of confirmations needed depends on the token and network. Explore network-specific confirmation requirements.
What happens if I deposit or withdraw using an unsupported network?
Using the same network for deposits and withdrawals is essential to prevent transaction issues. For example, if you deposit USDC using the Solana network, the withdrawal address must also support Solana. Depositing or withdrawing to an unsupported network can result in the permanent loss of funds.
Is cross-chain support secure?
Yes. Cross-chain support leverages trusted protocols and rigorous security measures to ensure safe transactions, regardless of the network you choose.
Can I transfer assets between chains?
Yes, you can bridge supported tokens between networks, such as USDC between Ethereum and Solana.
Does the withdrawal amount include fees?
Yes, fees are automatically applied to withdrawals.
Can I send other tokens, like MATIC, to these networks?
Currently, USDC is the only token enabled for cross-chain transactions. However, cross-chain support will be available for other tokens in the future.
Will I need to manage each chain separately?
No, all available blockchain networks can be managed centrally through your Independent Reserve account. Cross-chain support handles the complexities in the background, ensuring a simplified and integrated experience.
Will more chains be added in the future?
Yes, we are always exploring new chains to meet user needs and market demands.
Can I transfer crypto to my bank account?
No, only to crypto wallets and other exchanges.
What is the difference between Ethereum and ERC-20?
Ethereum is the blockchain that supports ERC-20. ERC-20, on the other hand, is a specific standard used to create tokens on Ethereum. It’s what makes tokens like USDC work within the Ethereum ecosystem. Ethereum is the platform, and ERC-20 tokens are one of the many applications built on top of it.
What are some practical benefits of using cross-chain?
Cross-chain support opens many practical applications, some of which are listed below. However, depending on your requirements, our OTC desk service may provide more tailored advice for larger transactions.
- Avoid network congestion and inflated fees: As blockchain adoption grows, congestion on some networks can slow down transactions and increase fees. By connecting multiple blockchains, you can avoid high network fees and delays by transacting on less congested and faster networks.
- Portfolio diversification: Diversify across assets on multiple networks. Ethereum’s well-established decentralised finance (DeFi) ecosystem is excellent for lending and staking opportunities. Meanwhile, Solana’s fast and low-cost transaction network is optimised for high-frequency trading, new token launches, and non-fungible token (NFT) projects.
- Easier access to liquidity: Cross-chain support simplifies moving funds across blockchains, making it easier to access new financial opportunities like lending, staking, or yield farming. By seamlessly connecting to different ecosystems, you can efficiently explore platforms that offer better returns or unique investment options.
- Take advantage of price differences: Quickly transfer stablecoins between exchanges or blockchains to make the most of price differences with cross-chain support. This speed allows you to act on opportunities and benefit from market fluctuations with minimal delays.
What are the main differences between Ethereum and Solana?
- Ethereum: Known for its strong security, decentralisation, and thriving ecosystem, Ethereum is a trusted and well-established network. However, it’s prone to congestion, leading to higher fees and slower speeds during peak times.
- Solana: Solana offers lightning-fast transactions and incredibly low fees. That said, it has faced occasional reliability challenges and security issues in the past. Solana is actively working to improve its resilience with new network upgrades.
