Withdrawals are automated. INLOCK initiates the withdrawal process every 10 minutes (approx), but the withdrawal time depends on the network congestion and other internal processes but on average it should not last more than 1-2 hours.
In some rare cases, it may occur that manual approval is needed before transferring. In such a case, the client receives a notification e-mail about the necessary steps. There are basically 3 cases when manual approval is needed:
1️⃣ Insufficient level of identification, missing or probably expired data. The client has not started the customer identification or has not finished yet, has missing data or possibly one of their documents has expired which has to be renewed and uploaded again.
2️⃣ Suspicious operation: The system detected the withdrawal and its conditions as a suspicious action, therefore it asks for manual approval. The evaluation is based on several different aspects deciding if the withdrawal should be blocked. A some of examples include:withdrawing after failing and locking the 2FA authentiation. As long as you can only enter with an extra email identification at the new recaptchav3 after getting a low Recaptcha score, then it also comes to a manual allocation. The system also checks for unusual volumes and addresses.
Less than 5% of these withdrawals are accompanied by a manual event.
3️⃣ Managing liquidity is essential: generating interest in the INLOCK Savings Account comes from lending cryptos to institutional actors, typically in the short or medium term, but with fixed revocation. INLOCK maintains a daily supply of every coin which can be used to handle the expected demand for allocating. The supply of big coins is significant (even higher than 25k-50k USD, moreover it is even greater in the case of Bitcoin), the newly-introduced smaller coins have less amount logically. When the client would like to allocate an amount of coins so big, that it does not have enough supply, then it has to be manually approved and the extension of liquidity starts. As a part of this process, the given asset is recalled from one or more partners. Its lead-time usually takes 1-2 hours, however, our obligation is 2 business days according to our contract. Since the majority of our partners are located in the USA and Singapore, time difference and holidays can be also time-consuming, but the process does not exceed 2 business days generally. In fact, our longest allocation time was 17 hours. The amount of transfers that go beyond the inner supply is barely 2% of the cases.