When you register a new user on your platform, they will get a digital wallet to hold the Sila (digital token or stable coin which equates to the USD held in the For the Benefit of Account at our partner bank) and transact on the platform. Here are a few key things to know about our wallets.
- They are free.
- You may set-up multiple wallets per user. (Example might be a 'savings' wallet or 'specific project' wallet.)
- Multiple users can contribute to a wallet. You can programmatically create and control a wallet that can be used for pooled accounts or contributions to a single wallet for a purpose, Example 'college savings' or 'group race entry fees'. (Note: in this situation, the user who's profile is tied to the wallet is the official owner of the funds, until they are moved. In the example of a college savings fund, the parent or guardian would be tied to the wallet(s) until the child(ren) are of age.)
- You can programmatically control access to a joint wallet. For instance, in the case of "escrow of payment", you may set-up conditions such that once the receiver acknowledges receipt of goods, funds are paid, or if they don't object after X days, funds are released to seller.