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The Redemption process allows Backed customers to Redeem their bTokens in exchange for stablecoins or cash.
How does the process work?
The backed platform is blockchain-based, and actions (issuance or redemption of tokens) are triggered by incoming transactions from your pre-approved wallet. To redeem tokens:
- 1.Click on Redemption
- 2.Copy the unique deposit address presented by the platform
- 3.Go to your wallet and send the bTokens you want to redeem to the deposit address presented
- 4.Backed will process your transaction - you can follow the status on the Backed Platform
- 5.Backed will send you either fiat or stablecoins according to the PayOut method selected in your Account Settings
- 6.For redemptions in stablecoins, the funds will be sent to the registered wallet used to send the bTokens to the platform
- 7.For fiat payments, your bank information will have to be added to the Bank Accounts settings tab prior to making the redemption request.
The Backed platform is always open, and you can place your orders whenever you want. However, we can only execute your orders when the markets for the underlying asset are open. Specific hours vary for different products depending on the opening hours of the stock exchange where the underlying asset is traded.
The market status is indicated on the platform when initiating the order.