Key Concepts
API
The following are API terms and concepts:
| Term | Definition |
|---|---|
| API Key | A unique identifier used to authenticate and authorize requests to the API. |
| Idempotency Key | A unique key used to ensure that a request is processed only once to prevent duplicates. |
Compliance & Identity Verification
The following are compliance and identity verification terms and concepts:
| Term | Definition |
|---|---|
| KYC | Stands for "Know Your Customer". This process verifies the identities of individuals and businesses to meet legal requirements and protect financial institutions against fraud, corruption, money laundering and terrorist financing. |
| Terms of Service | A legal agreement between HIFI and its users outlining the rules, responsibilities, and acceptable use of HIFI's platform. Users are required to review and accept the Terms of Service to ensure they understand and comply with these terms before creating a user and use any of the services we provide. |
Accounts & Banking
The following are accounts and banking terms and concepts:
| Term | Definition |
|---|---|
| Onramp Account | A bank account used as the source for the onramping process. For example, during onramping, fiat currency from the onramp account is converted into stablecoin. |
| Offramp Account | A bank account used as the destination for the offramping process. For example, during offramping, stablecoin is converted into fiat currency and deposited into the offramp account. |
| Virtual Account | A virtual onramp bank account generate by our system to facilitate onramping. Users can transfer fiat into the virtual account, and the deposited fiat is instantly converted into stablecoins and transferred to the user's wallet on chain. |
| Liquidation Address | A wallet address generate by our system to facilitate offramping. Any stablecoins received by the liquidation address will be converted to fiat and deposited into the user's offramp bank account. |
| ACH (Automated Clearing House) | A network for electronic funds transfers and payments in the USA. |
| SEPA (Single Euro Payments Area) | An EU initiative that simplifies bank transfers in Euro. |
| PIX | A Brazilian instant payment system that allows for quick and efficient electronic transfers between bank accounts. |
| Spei | A large-value funds transfer system in Mexico. |
Stablecoin & Blockchain
The following are stablecoin and blockchain terms and concepts:
| Term | Definition |
|---|---|
| Onramp | The conversion of fiat currency to crypto currency (eg. USD -> USDC) |
| Offramp | The conversion of crypto currency to fiat currency (eg. USDC -> USD) |
| Wallet Address | A blockchain address used to send and receive cryptocurrencies. It uniquely identifies a user’s account on the blockchain. |
| Chain | A blockchain or distributed ledger that records and verifies transactions in a secure, decentralized manner. Eg. Ethereum mainnet is the primary network where Ethereum cryptocurrency transactions occur between users. |
| Stablecoin | A type of cryptocurrency designed to maintain a stable value relative to a fiat currency (e.g., USD) or other assets. Stablecoins aim to provide the benefits of digital currencies while minimizing the volatility typically associated with cryptocurrencies. For example, USD Coin (USDC) is a widely used stablecoin pegged to the US Dollar and is 1:1 backed by reserves of USD or equivalent assets to ensure price stability. |
Updated about 1 month ago