How to lower your company fees with transaction batching for Bitcoin and other cryptocurrencies

Posted on Mar 23, 2020 |

Recent market bumps have pushed some investors to decide to buy cryptocurrency or sell their crypto investments. For exchanges, OTC traders, asset managers, and other institutional clients, that means a large number of individual transactions.

Although fees have not reached the levels of the fee crunch days, these institutional customers can be benefited from bundling numerous transactions together to reduce the transaction fees and optimize the transaction throughput.

Our enterprise wallet management platform CYBAVO VAULT offers to our institutional customers support for transaction batching for all its available cryptocurrencies from day one.

How does transaction batching work in CYBAVO VAULT?

To perform batch transactions from CYBAVO VAULT, you need to create a batch wallet and define the wallet policies, such as transaction limits, or the multi-level approval chain to approve a transaction batch. Batch transactions can be triggered from the wallet by three different mechanisms: manually, by CSV file or by API call.

Cryptocurrency transaction batching

CYBAVO VAULT performs a basic analysis of the introduced addresses, detecting duplicates and incorrect address formats. The platform also highlights the total accumulated funds to be sent and the estimated fee of the overall transaction. After confirmation, CYBAVO will bundle all the transactions in a single block and will ask the corresponding approvers for their confirmation.

Reduce the cost of bitcoin transactions with transaction batching in CYBAVO VAULT

If the transaction successfully completes the approval chain defined in the wallet policy, all transactions will be published to the blockchain in a single block, and the service provider will only be charged once for the network fee, instead of paying the network fee of each independent transaction.

This feature is available for all our supported currencies, including BTC, ETH, BCH, USDT, PAX, GUSD, TUSD, USDC, LTC, XRP, EOS, TRX, BNB, DASH, XLM, ERC-20 Tokens and more.

Learn how CYBAVO VAULT can help your company to optimize your customers’ digital asset management and to reduce your costs. Get in touch today for a free trial of CYBAVO VAULT.