Wrapping

Wrapping refers to the act of an end user sending assets into the FBO Wallet for the purpose of creating its wrapped equivalent on another blockchain. In order for this to happen, several transactions must occur, which will be outlined below.

End User Receives Assets

To begin the process, the end user must generate a receive address and send assets into their User Wallet. For the purposes of this documentation, the user will be sending in z-cash, however this can be a multitude of assets.

End User Deposits in FBO Wallet

Next, the end user deposits the collateral into the FBO wallet for the purpose of wrapping the equivalent amount on another blockchain. 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 Wrap

When the underlying collateral confirms, Tokensoft will take this as the instruction to mint the equivalent 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 mint into the wrapped asset is sent with the instruction to send the amount to the User Wallet.

Wrapped Asset Minted

This asset is to be minted into the User Wallet held with Anchorage.

Asset Withdrawn Externally

In order to put the asset to work, it must be withdrawn externally into the end user's wallet external to Anchorage. This withdrawal requires two approvals in order to withdraw to any other wallet address.