Unwrapping

Unwrapping refers to the act of an end user sending wrapped assets into the FBO Wallet for the purpose of accessing the underlying collateral of the wrapped asset. In order for this to happen, several transactions must occur, which will be outlined below.

Deposit into User Wallet

First, the asset must be deposited into the User Wallet.

End User Deposits in FBO Wallet

Next, the end user deposits the collateral into the FBO wallet for the purpose of unwrapping the underlying collateral. This requires two approvals from the signatories on the end user wallet, this requires a combination of cryptographic and biometric signatures in order to complete the transfer.

Anchorage Confirms, Instructs Unwrap

When the deposit of the wrapped asset is confirmed, Tokensoft will take this as the instruction to burn the wrapped asset on the desired blockchain. The amount will be the equivalent amount sent to the FBO wallet less transaction and service fees. The instruction to burn into the wrapped asset is sent.

Withdrawal Request

After the wrapped asset has been confirmed to be removed from circulation by Anchorage, Tokensoft sends a withdrawal request to the Anchorage team for review with the necessary information to perform the review.

Withdrawal of Collateral

After reviewing the withdrawal request, Anchorage approves the withdrawal request to send the collateral to the user wallet.