Deposit Supported Virtual Assets and Stablecoin on MidChains

Owned by Yousef Al Alami (Unlicensed)
Last updated: Dec 26, 2022 by Egya (Unlicensed)
3 min read

MidChains provides you with the option to deposit supported Virtual Assets and or Stablecoin from your external wallet addresses. Depositing Virtual Assets or Stablecoin on the MidChains platform requires that you already own the Virtual Asset or Stablecoin you wish to deposit. Deposits of supported Virtual Assets or Stablecoin in their corresponding supported network protocols from your external wallet address will be accepted on the MidChains platform (E.g. Depositing Polygon MATIC utilizing the Ethereum ERC-20 standard into your MidChains Polygon MATIC Wallet can only be done from an external Ethereum wallet that follows the same network protocol).

You can deposit any of the Accepted Virtual Assets or Stablecoin by following these steps:

 

  • Select Deposit for the Virtual Asset or Stablecoin you would like to initiate a deposit into under the WALLETS tab and copy the Virtual Asset or Stablecoin’s wallet address by clicking the Copy icon.

 

 

  • Paste the copied Virtual Asset or Stablecoin’s wallet address into your external wallet of the same protocol to initiate a deposit.

  • Enter the units of Virtual Asset or Stablecoin you would like to deposit from your external wallet into your MidChains wallet for the selected protocol that is supported by MidChains and send.

  • Each Virtual Asset deposit may take a couple of minutes to be fully completed depending on the protocol as they require minimum network confirmations.

  • Once the transaction is confirmed on the blockchain, return to the Portfolio portal on the MidChains platform and check the History tab for your deposit.

 

 

  • Alternatively, check the Available Balance displayed for each Virtual Asset or Stablecoin as this will reflect the total amount in each Virtual Asset or Stablecoin wallet.

 

 

  • Each deposit will have a Transaction Hash (TxHash) to display details of the deposited Virtual Asset or Stablecoin into your wallet with MidChains.

 

 

Please Note: Network Fees are applicable to all Virtual Asset or Stabecoin deposits. Deposits from your external wallets will incur Network fees at each transfer point on the blockchain before arriving in your wallet with MidChains. MidChains does not charge fees for depositing Virtual Assets or Stablecoins into your wallet.

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