About registration

  • How do I get an API key to use the API?

To get an API key you have to register to the dev portal and then go to the API catalogue tab and click on “request an API key”. You have to insert some data about your application and send us the request. We will then check it and send you the API key. API keys will only be granted to those that have already signed a contract with ioCash.

  • How do I use the API key once I have it?

The API key will allow you to use our API. When accessing the API you will be asked for your API key. Please keep it safe, as it will be unrecoverable later. If you lose it, please speak to your portal administrator to have it reset.

About functionalities

  • What does it mean that some functionalities are decentralised? Which ones are they?

Some of the ioCash functionalities work natively on the blockchain, which means that it is the client application the one that operates directly on the user wallet in the blockchain, using the user´s private key. This means that for this functionalities there are no API calls involved whatsoever, and all interaction happens between the client app and the blockchain. At this moment, only transfer operations (from an ioCash wallet to another ioCash wallet) are fully decentralised, though in the near future we will be adding the possibility to do redeem cash-outs in a decentralised way.

  • Can a user have more than one wallet?

Yes, currently a user can have up to five wallet accounts in ioCash. Depending on the use case, if needed, it could be possible to increase it to a customized value.

  • Is there multi-currency support?

Currently only Euro is supported, but we will be adding multi-currency support on the following months.

  • What happens if a user sends money to a non-ioCash blockchain address?

It is not possible to send money to a blockchain address that does not belong to a registered ioCash wallet account. This is native to the blockchain smart contract ioCash uses, so it wouldn´t be possible even if the user or a third party tries to perform this kind of transfer directly from the blockchain wallet (through metamask or other wallet tools). This is absolutely necessary to keep compliance with the legislation.

  • Where is the user wallet´s private key stored?

User´s private key is only stored in his client app. ioCash does not keep the users private key, and as such, only the user is the one who has full control over his wallet

  • Is there a limit on how much money can be transacted by a user?

Due to legal obligations on KYC compliance, there are limitations to the amount that a user can perform certain operations with, depending on the information that the user has provided about himself. After the user has been fully identified according to the present legislation, there are not limitations on the operations an individual can perform.

  • One of my users can´t perform an operation because the system says it does not have permissions. What is going on?

Though very rare, ioCash compliance officers have the rights to restrict certain operation permissions on a user account when they identify that the user account might be at risk, or that the user account might be involved in money laundering, terrorism funding or other illicit activities. In these circumstances, some wallet operations will be restricted and the ioCash compliance officers will contact the client application company to alert about the situation.

About regulations

  • What operating licence does ioCash use?

ioCash operates under an Electronic Money licence, which allows it to offer electronic money services. This license was issued by the Banco de España (nº 6705) and allows the emission and process of electronic money. It operates under what it is stated in the Spanish law Ley 212011.

  • Is the product compliant with the European regulations?

Yes, ioCash operates under an Electronic Money License issued in Spain and can be used to operate in the rest of the European countries members of the EEA (European Economic Area) thanks to what is called “Passporting” that allows to the holders of such licenses to operate in these other countries without the need of acquiring any other additional authorizations.

  • What are the regulatory requirements for users to operate?

To comply with the current legislation on KYC and AML , all users that open any account on ioCash client applications need to be identified to a certain degree, and their operations will be restricted according to the level of detail that they provide on their personal information.

  • What is KYC?

KYC (Know Your Customer) refers to the process of verifying the identity of our clients, to assess and mitigate the potential risks that derive from the use of any financial instrument.

  • What is AML?

AML (Anti-Money Laundering) are the legislation directives to prevent money laundering activities, and they are related to the KYC and customer identification directives. On Europe, the fourth and latest iteration of the EU’s anti-money laundering directive is the AMLD IV, which sets the regulation frame to prevent this kind of illicit activity.

About the technology

  • What blockchain technology does ioCash use?

ioCash uses Ethereum smart contracts programmed in Solidity. It is network agnostic so that you can deploy your application in the Ethereum network you prefer.

  • On which networks can ioCash operate?

On any Ethereum based blockchain.

  • How can I see the transactions happening on the blockchain?

This will depend on the network in which your application is built. You will have to check the Block Explorer of that network where you will be able to see all the blocks and transactions.

  • How long do operations take to solve?

That will strictly depend on the Ethereum network in which your application is operating and the consensus used for mining blocks. Ethereum Main network with Proof of Work (PoW) consensus currently supports around 25 transactions per second. Other permissioned networks that use other consensus protocols can deal with hundreds of transactions per second.

  • Is ioCash compliant with ERC20 tokens standard?

Yes, ioCash smart contracts are ERC20 compliant. This way, its code is easier to understand and interpret so that you can easily build the smart contracts of your application on top of it. In addition, using ERC20 standards means that ioCash tokens can be hold in any Ethereum wallet.

About the product

  • What is the difference between ioCash and the so-called stable coins (like Tether, Dai, etc)?

Stable coins are cryptocurrencies whose value is indexed to a fiat currency. The main difference is that ioCash uses real money, i.e. transactions are all fully regulated. Every transaction on the blockchain in ioCash platform has its reflection on the banking world. This way you can have a fully regulated follow-through of every movement. With stable coins applications, movements are not regulated and KYC and AML are not applicable.

  • What does “fully compliant money on the blockchain” mean ?

It means that every transaction occurring on ioCash blockchain platform is also happening on the real banking world and thus it follows the exact same regulations as electronic money.

  • Is there a limitation on the countries in which the product can operate?

ioCash can operate in every country of the European Economic Area (EEA)

  • How can I get more information about the product?

You can contact our sales department for more information about the features of the product and how it fits the service you want to proportionate to your users. If what you need is more information about a specific technical functionality you can contact the tech department .