Welcome to Inlock’s Help Center
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HUILK token is the membership token of the Inlock Platform that can be purchased and sold on the Inlock Tokenmarket.
Access the Tokenmarket on app.inlock.io under the services menu, where you can buy or sell your ILK tokens for Ethereum, Bitcoin, Litecoin and USDC coin pairs.
On the Inlock Tokenmarket, you can place orders at a predetermined price as well as place orders to buy and sell immediately. Tokens put on offer will be sold depending on the demand.
Choose the trading pair you prefer (BTC, ETH, LTC, USDC)!
Enter the quantity and price you want to sell and click on the Sell or Buy button! You will see your orders in the running transactions.
Once the order is fulfilled, the token will be added to your Savings Account.
Tokenmarket is only available after a fully approved customer identification.
You can also trade ILK tokens on the Liquid exchange.
Please be careful if you wish to purchase tokens from another source, such as an exchange not supported by Inlock or from an individual. These are not guaranteed to be reliable.
Security Reminder: check the URL you are visiting and enable 2FA. Do not disclose your password or make transactions with anyone claiming to be INLOCK employees.
Security checklist
– Make sure you are visiting prod.inlock.io to prevent any phising attacks. Only download the mobile app from official app stores!
– Never install any browser plug-ins that claim to be associated with INLOCK.
– Never share any personal account details to anyone that claims to be an INLOCK Support Representative.
– Never tell your password or 2FA codes/keys to anyone, including INLOCK Support.
– Never send funds to anyone claiming to be a member of INLOCK Support.
Since mid of 2020, on INLOCK platform the 2FA (two-factor authentication) is mandatory to register new withdraw addresses and to perform secure login. We strongly advise our customers to use 2FA authentication. Please make sure that you are using the official Google Authenticator or Authy application from Google Play or the Appstore!
Email-based security, temporary lock and forced account lock
INLOCK platform generates email warnings from security events, for example: password reset, disable 2fa or temporary account lock after 5 invalid login attempts. In these emails, you can find a “LOCK ACCOUNT” button, to close your account until you can reach out INLOCK support.
Login to your INLOCK account and select the type of coin you would like to deposit.
Click the plus + sign, (Deposit) and copy the address.
If you want to switch between networks (native or BSC), you can decide which one you would like to use by clicking on the additional options.
Paste your wallet’s address to the sender’s withdrawal address, start the transfer and we will notify you by e-mail as soon as your transfer has been sent or received by us. From this point, you have nothing to do, your savings will start to carry interest.
Inlock does not supports fiat (legal tender) money, you can only deposit or withdraw cryptocurrencies or stablecoins.
IMPORTANT NOTICE: Inlock supports deposit and withdrawal on multiple chains, but for the same coin supported chains may differ for deposits and withdrawals. There are many reasons for this, such as network security, lack of liquidity, centralized asset management or other possible issues. For example: currently we ONLY support deposits on BSC (Binance Smart Chain), withdrawals currently we do not. If you would like to withdraw your assets, you cannot do that on the BSC chain.
Our clients automatically receive interest on the cryptocurrencies stored in their Savings Account!
Clients can deposit and withdraw cryptocurrencies anytime and any amount from the Inlock Savings Account and they can expand their balance anytime, while the new balance is automatically added to the Savings Account.
To access the platform, enter the prod.inlock.io website or the Inlock mobile application, where you will find the deposit option for that cryptocurrency. Please copy the blockchain address offered correctly for the transfer, paying attention to lower and uppercases, otherwise, the transferred amount may be lost forever. If you have any problems with the transfer, please contact Inlock Support, where our colleagues are at your disposal. It is important to only deposit cryptocurrencies to those addresses which were generated for that purpose.
Completed customer identification is required to access Savings Account service and to earn interest!
Interest is accounted for daily and credited on a weekly basis. Interest is paid in the same currency as the one stored in the Savings Account by default, except if the client particularly asks for receiving the weekly paid interest in ILK tokens.
The amounts deposited in the Savings Account starts to carry interest from the first full day.
In case of withdrawing, interest can be credited after cryptocurrencies stored in the Inlock Savings Account until the last closed day. Interest is paid on a pro-rata basis. Interest periods start every Wednesday at 0:00 AM and end on the following Tuesday at 23:59. We publish the valid interests for the given periods a day before (on Tuesday) in newsletters and on our social media channels. The credited interest produced on the given week also continues to carry interest!
The interest rate for a given period may differ slightly each week. Regarding the extent of the change, Inlock is not bound by any framework, but it seeks to ensure that the extent of the change does not exceed 25-30 basis points.
The overview mode can help you get accurate information about the total balance of the Savings Account converted to USD, including the previously earned interest and the pending interest already accounted for the current period!
The Inlock Savings Account is available free of charge.
The interest rates indicated for certain crypto assets are valid for one year of continuous placement. These interest rates may vary by clients, depending on the amount of ILK token they store in their accounts. The ILK token is the proper, native token of the Inlock platform, and owning them comes with several benefits. One of the most prominent is receiving higher interest. To reach higher interest rates, clients must own at least 25,000 ILK. In this case, the amount of interest paid weekly on the published interest rates increases by 5%. This increase in volume is 12% for owning 100,000 ILK and 20% for owning 1 million ILK. Inlock reserves the right to change, introduce or cancel new levels of the three fixed amounts of bonuses listed above. However, in all cases, Inlock must inform clients in advance.
How can the extra interest of the ILK token be calculated in the case of USDC?
Let’s see specific example
1000 USDC was transferred before the given period and the base interest rate for the given period is 8%.
If the customer does not have an ILK token, they will earn an average of ~ 1,538 USDC interest per week.
If they have at least 25.000 ILK tokens, they will be entitled to get a 5% increase in interest, so they will receive ~ 1,615 USDC interest weekly on average.
If they have at least 1.000.000 ILK tokens, they will be entitled to get 20% more interest, which means they will receive 1,845 USDC weekly on average.
The INLOCK token (ILK) is a standard ERC20 utility token. It runs on the Ethereum network.
The Total token Supply is: 4.400.000.000 ILK
Token address: 0xf784682c82526e245f50975190ef0fff4e4fc077
Token Symbol: ILK
Decimals: 8
You can check the circulating supply on our Coinmarketcap profile page on https://coinmarketcap.com/currencies/inlock/
The INLOCK token (ILK) is the membership token of the INLOCK platform. Token owners can realize higher interest rates on their cryptocurrencies by storing them in their Savings Account. You can read about our current Bonus Levels here: https://inlock.io/2020/12/21/bonus-levels-at-inlock/
Using the INLOCK Savings Account is free of charge.
Members of the INLOCK Prime Program can initiate voting on changes regarding the platform with the amount of their own ILK token.
The ILK token is available to buy or sell on the https://prod.inlock.io/tokenmarket or the https://www.liquid.com websites.
ILK is a standard ERC20 utility token that runs on the Ethereum network.
The total token supply: ILK 4,400,000,000
Token Address: 0xf784682c82526e245f50975190ef0fff4e4fc077
Token symbol: ILK
Decimal digits: 8
You can follow up on the circulating stock at Coinmarketcap: https://coinmarketcap.com/currencies/inlock/
For more information please visit our site https://go.inlock.io/token
Please check all your folders, especially the “Spam” section.
Inlock is a Savings Account service for cryptocurrency owners.
The platform offers Savings Account and Loan services for their Clients. Users of the crypto wallet can receive interest yield while providing liquidity for the borrowers, all of these without any commitment or restriction. The interest is credited on a daily basis and paid on a weekly basis. The interests published by the platform can be understood on a full year term.
Borrowers can take out over collateralised loans. Inlock supports multiple types of cryptocurrencies, like the popular Bitcoin, Ethereum, but the USD and gold-based stable coins also play an important role. The platform is fully automated and is in operatation since 2018. Thanks to the automatic collateral management, Inlock guarantees that the lenders will regain access to their funds.
Inlock’s platform places a strong emphasis on the security of the system. The platform was launched by cybersecurity experts and it proved to be successful at an extensive IT security and process examination during the summer of 2020. The platform handles the client assets, which are stored in a high-level security system provided by Fireblocks. It was audited by Ernst & Young, one of the largest auditor companies in the world, and received the SOC 2 Type II certification.
By using the Saving Account service, our Clients can acquire a significantly higher interest income beyond the basic interests, if they possess the platform’s proper token as well (ILK token). The ILK token is in circulation since 2018, its security was tested by the auditor company CoinFabrik, and was traded in more than 100 million USD value in different exchange markets up to this day. Our Clients needs to own a predetermined amount of token (25 thousand, 100 thousand or 1 million) to reach levels of significantly higher interest.
The web application of the Inlock platform can be reached at www.inlock.io
With 2FA Verification, you’ll protect your Inlock account with both your password and your phone.
Signing in with 2FA Verification is easy.
- Go to the sign-in page and enter your username and password like you normally do.
- Then you’ll be asked for a second verification step, like a six-digit code or a prompt, which you’ll receive from Google on your phone.
If you set up 2FA Verification, you can use the Google Authenticator app to receive codes even if you don’t have an Internet connection or mobile service.
Authenticator app 2FA codes are based on time and thus require the time on your phone to be in-sync with the official time.
If your phone’s time is out of sync, or if you have changed time zones, the best way to fix it is to change the time settings on your phone from “Manual” to “Automatic”.
On iPhone
Go to the Settings app -» Select General -» Select Date & Time -» Enable Set Automatically
On Android
Go to the Settings app -» Select General Management-» Select Date & Time -» Enable Automatic date and Time
If you see two positions for your Inlock account in your authenticator application, please check which one is working and delete/remove/hide the other one.
If you still require assistance, please email our support team at support via inlock.io
Depending on the problem, we might have to disable the 2FA on your Inlock account.
Please note that due to security reasons, we will require you to provide us with specific personal information. Only after that, we will be able to disable 2FA authentication on your Inlock account.
You can buy it on Inlock.io and Liquid.com
Please be careful with other exchanges, there is no guarantee that you’ll get back your deposits.
How can I buy on INLOCK Tokenmarket?
You can use the Token Market with finished KYC.
Using the Savings Account is free.
However, withdrawal fees differ by cryptocurrencies (see transfer fees: https://inlock.io/faq-items/what-are-the-withdrawal-fees/)
Contact the [email protected] email address for reaching out to the colleagues of the platform.
You can reach us via live chat or email mostly between 08:00-21:00 CET. Occasionally, we process the requests outside the opening hours as well, but we can not guarantee this.
For support questions, you can contact us directly via [email protected] or live chat.
Our Clients need to accept Inlock’s Terms & Conditions and the Privacy Policy.
They have to declare that they are acting on their own behalf and are actual proprietors of the Inlock account, also they have to be an adult and habitant of a tax resident country which cannot be one of the following:
Afghanistan, Algeria, Bosnia and Herzegovina, The Bahamas, Barbados, Botswana, Cambodia, Ghana, Guyana, Iraq, Iran, Jamaica, Mauritius, Mongolia, Myanmar/Burma, Nicaragua, Pakistan, Panama, Syria, Lao PDR, Syria Arab Republic, Uganda, Vanuatu, Yemen, Ethiopia, Sri Lanka, Trinidad and Tobago, Tunisia, Zimbabwe, Democratic People’s Republic of Korea (DPR Korea). Texas State, The State of New Jersey, Alabama and New York State
It is required to declare if the Client is a politically exposed person. A natural person who plays an important role in public duty (or has played during one year prior to the registration) qualifies as a politically exposed person.
INLOCK handles cryptocurrencies solely, therefore the Client has to take note that they are only able to deposit those cryptocurrencies that are accepted on the platform.
When the value of the crypto used as collateral is falling below 105% of the loan amount, Inlock’s “collateral manager” system automatically sells your collateral and pays back the loan from it.
The borrower can choose not to pay back their loan on time, but in this case, the required amount terminates to repay the loan and the remaining collateral is credited to the client’s account.
It is also possible for the client to ask for a termination themselves. The system automatically sells the part of the collateral which is needed to repay the loan in this case.
The INLOCK platform provides Savings Account and Loan services to its clients. Users of the crypto wallet can earn interest income while providing liquidity to the borrowers, all this without any commitment or bound.
Borrowers can take out loans on overinsured collateral. The platform is completely automated and operates in its current form since 2018. Thanks to automated collateral management, INLOCK can guarantee that every lender will get their money back.
The produced interest of the INLOCK Savings Account generally comes from lending the crypto assets to institutional players in the short or medium term, but with a fixed callback. INLOCK maintains a daily supply in case of all crypto assets, which helps us handle the expected withdrawal demand. This supply is significant in Bitcoin, Ethereum and the stablecoins (above 25.000-50.000 USD), however, it is lower in case of other assets. When a client wishes to withdraw an amount of coins so high, we don’t have an own supply for, the withdrawal happens by manual approval and a liquidity expansion begins as part of which the given asset is recalled from one or more partners. The processing time takes about 1 or 2 hours although our contract allows 2 business days. Since most of our partners are located in the USA and Singapore, time delays and holidays can affect the waiting time. In case of more than 98% of the withdrawals, the platform is able to handle them automatically from the internal reserves within 10 minutes.
When you login for the first time, you must enter your email address and confirm it by clicking the verify button in the reply email. You also have to verify your telephone number by providing the code received via SMS.
All Inlock services can only be used after completing the entire customer identification process. Including Tokenmarket, loan borrowing function, deposit and withdrawing cryptocurrencies from the platform, or swap coins and tokens. You also only can access the different bonus programs, the internal transfers and certain security services after your completed customer identification.
Completed customer identification is also required to earn interest.
In case of account compromise, our colleagues will request a repeated customer identification. Never share your account’s access information with others and only handle your own crypto assets on inlock platform!
Please send an email to our support team at support@inlock.io
Yes, the INLOCK Token Smart Contract was audited by Coinfabrik.
More info at Coinfabrik’s page: https://blog.coinfabrik.com/inlock-token-sale-audit-report/
The maximum loan amount is determined by the available collateral of the borrower and their selected LTV level. (LTV: Loan-to-Value).
Feel free to contact the INLOCK staff directly via [email protected]
If you have any GDPR questions, please contact us via [email protected]
Loans can be taken out exclusively in USDC stable coin which has a value linked to the USD exchange rate.
USDC token is supported by most of the currency-exchanges and can be easily exchanged for national currency (fiat money).
For identity verification, you will need your ID, driver’s license or passport.
To reach a higher customer identification level (with more functionalities), you need to prove your residential address, create a selfie with your ID and a paper with INLOCK & the date written on it.
1.) Register or Sign up with your e-mail address and your phone number, switch on Google 2FA and you are ready
2.) Deposit your crypto assets to your Secure INLOCK Account. The platform supports BTC, ETH, LTC, BNB. The credit limit will be immediately adjusted and available for you to use.
3.) Set your own terms, make a contract and start spending USDC!
4.) You can repay whenever you want during the contract period. You can reduce the capital and further interest by making early repayments.
All cryptoassets are stored on cold multi-signature wallets with distributed key storage. This is an industrial grade solution to prevent any misuse of funds on a technological level.
INLOCK platform accepts BTC, ETH, LTC, and BNB cryptocurrencies as collateral.
We work constantly to increase the supported collateral assets.
The INLOCK staff strives to complete client verifications as quickly as possible. During working hours, the process takes about 20-30 minutes, but in special cases, it can also take more than 24 hours. The lead time can be significantly reduced if the customer uploads documents with decent quality that are fully visible and glare-free. When uploading a selfie, it is especially important for the client to hold a sheet of paper that has INLOCK and the date of that day written on it, besides also holding the document used for identification.
There is no minimum amount, any small amount can be placed in the INLOCK Savings Account, however, interest is only credited if the weekly interest rate for that given crypto token or stablecoin reaches at least 0.01 USD (1 cent). The weekly interest less than this will not be credited by the INLOCK platform.
You only need to specify your email address during registration. You also need to set up a two-factor authentication (text message or google authenticator) to add your withdrawal address(es).
We highly recommend to set two-factor authentication for login attempts as well!
You need finished KYC:
- withdraw
- swap
- use the token market
- borrow
- send asset to other Inlock’s customer.
The following reasons can lead to the closure of your account:
INLOCK is obliged to refuse the fulfillment of your errands and to exclude you or suspend your account in case you violate our policies:
– If one maintains an account on behalf of somebody else,
– maintains and manages multiple accounts,
– uses illegal software,
– acts fraudulently,
– starts an attack against the platform.
We can block your account due to the following reasons:
(a) use the website in a manner that violates applicable state, local or international laws or regulations;
(b) use the Website for any unauthorized, deceptive, or malicious purpose;
(c) any other behaviour that restricts or limits the use of the website for others, or that may impair the company or users of the website;
(d) the use of the website in a manner that can block, encumber, damage, or impair the website;
(e) the use of any robots, spiders, automated tools, or process to reach the website for any purpose, including observing or copying the materials on the website;
(f) having access to system, data, or information that we do not intend to make available to users;
(g) obtaining any material or information in any way that we did not intend to make available; or
(h) using the website for any purpose that was not intended originally.
There is no maximized amount, any amount can be placed in the INLOCK Savings Account.
You are entitled to receive interest if you deposit cryptocurrency in your Savings Account. Interest will be credited only after the first full day of crypto assets being placed in the Savings Account. Interest is paid on Wednesdays of each week, at which point you will be paid interest on the full days accrued until then.
- You are not entitled to receive interest during the period in which:
- You are requesting a loan offer (technically your cryptocurrency will be locked during this time).
- You are not entitled to receive credited interest on the ILK token if you aim to sell your tokens on INLOCK TokenMarket, regardless of whether the given amount of ILK token has been actually sold.
- Your account is locked as described in the Terms of Use.
- You use swap function.
- Interest crediting is only available if the daily interest amount is higher than 0.01 US dollar (1 cent) in a specific crypto currency.
The completed customer identification (KYC) is required to earn interest.
It is up to our customers to decide whether to use or not to use INLOCK, but they must take into consideration the regulations of their home country. You may use INLOCK only for lawful purposes and in accordance with our Terms of Use.
Supported cryptocurrencies of INLOCK platform
- Bitcoin (BTC ₿)
- Ether (ETH)
- Litecoin (LTC)
- OMG
- LINK
- BAT
- UNI
- Maker
- ILK
- BNB
- Cardano (ADA)
- SOL
- SRM
- FTT
- RAY
Stablecoins:
- USD Coin (USDC)
- Tether (USDT)
- DAI
- PAX Gold (PAXG)
After you accept the offer, the USDC will be immediately credited to your account. Then you may instantly transfer it or use it for any other purpose within the INLOCK platform.
Users of the INLOCK Lending Platform (https://prod.inlock.io/login) can freely decide on their finances anytime.
INLOCK is paying interest for their Clients after cryptocurrencies stored in the INLOCK Savings Account, all in a fully guaranteed assured way.
Cryptocurrencies stored in the Savings Account are becoming liquidity for the borrowers on the platform. Clients of INLOCK can be lenders (as a customer of INLOCK Savings Account) and/or borrowers at the same time.
INLOCK is the perfect solution for those cryptocurrency owners who struggle with short-term liquidity problems but also don’t want to sell their cryptos. Once the cryptocurrency has been deposited, the loan amount will be credited immediately by accepting the offer.
-no credit check
-no credit rating
-no waiting time
Every loan agreement is overcovered, which means the value of the assurance must be greater than the actual debt. If the value of assurance falls below the required level, the automated collateral management function terminates the assurance and reimburses the loan.
Clients can handle their loan agreements in several ways:
– They can deposit or withdraw collateral
– They can repay partially or entirely, completely free of charge, or
– They can terminate their agreement, in which case the loan should be repaid at the expense of the collateral.
The system sends a warning message to the borrower if there is a decrease in the value of the collateral.
Inlock Pioneer Program
Join Inlock’s Pioneer/Referral Program where both You and your invitees can receive rewards after new deposits!
If your invitee makes a deposit of at least $100*, you will both receive a reward. The more crypto they deposit, the higher the value of the reward, which can be up to US$125 worth of bitcoin.
The reward levels presented here have been introduced at 3 PM on the 16th of August, 2022. All our clients who have registered before this date will still receive their reward in accordance with the previous conditions and reward structure seen and accepted at registration.
Your invitee has 30 days from registration to deposit at least $100 worth of BTC, ETH, LTC, USDC or PAXG into their Inlock account. The invitation reward is only valid if one of the listed cryptocurrencies are deposited.
During the 30-day investment period, the referred client can deposit crypto as many times as they wish – this way they can become eligible to an even higher reward.
After 30 days, we determine the amount of the reward based on the balance of the deposit account.
The closing balance must be maintained during the subsequent 90-day savings period. Only after the balance has been maintained for 90 days will the client become eligible for the reward.
After the 90-day savings period, you and your friend will both receive your rewards – in bitcoin! Rewards are paid on the 28th of the following month.
You can read more about the terms of the reward here.
The previous (before April 20, 2021) and the new Pioneer Program cannot be combined. All clients who joined after April 20, 2021, or did not participate in the previous program will automatically join the new program. Our clients using the old system can access the new Program by clicking the “join” button.
You may choose between 10, 30, 45, 60, 120, 180 or 360 days.
It is not possible to borrow for more than 360 days as of now, but loans can be closed at any time, in which case the client only has to pay the interest on a pro-rata basis.
The amount of the withdrawal fees depends on the types of cryptocurrencies and selected chain, but not the amount.
You can always find the actual withdrawal fees on the following link: https://api.inlock.io/inlock/api/v1.0/public/fees
IMPORTANT NOTICE: Inlock supports deposit and withdrawal on multiple chains, but for the same coin, supported chains may differ for deposits and withdrawals. There are many reasons for this, such as network security, lack of liquidity, centralized asset management or other possible issues. For example: currently we ONLY support deposits on BSC (Binance Smart Chain), withdrawals currently we do not. If you would like to withdraw your assets, you cannot do that on the BSC chain.
APR: Annual percentage rate, this is your interest rate stated as a yearly rate.
APY: APY: Annual percentage yield, this is the return that can be realized on your savings annually. The APY expresses the effect of compounded interest for a full year.
Compounded Interest: it means the capitalization of interest. Currently, the INLOCK platform is not capitalizing accrued interest on loans with a maximum of 180 days, therefore our clients are not charged with any hidden surcharge of interest over time.
In the case of using the Savings Account, interest income accumulated by the customers is credited each week, which enables the collected interest to continue to bear interest from week to week!
Yes, you may own any number of loans. You can set different maturities and values for them.
The minimal withdrawal amounts are:
Minimum withdrawal amount is based on current network load and selected network (chain). You can find the detailed list on the following link: https://api.inlock.io/inlock/api/v1.0/public/fees
IMPORTANT NOTICE: Inlock supports deposit and withdrawal on multiple chains, but for the same coin, supported chains may differ for deposits and withdrawals. There are many reasons for this, such as network security, lack of liquidity, centralized asset management or other possible issues. For example: currently we ONLY support deposits on BSC (Binance Smart Chain), withdrawals currently we do not. If you would like to withdraw your assets, you cannot do that on the BSC chain.
Our clients can withdraw their consent to receive electronic communication from us at any time.
They can unsubscribe via [email protected]. By refusing or withdrawing this permission, they agree that the security of their INLOCK account may be compromised. The Service Provider reserves the right to suspend or delete the client’s account if they do not agree or withdraw their consent to receive electronic communications from Inlock.
Our clients have the option to cancel their account on the Inlock mobile application if they do not have an active balance, however, they will not be able to register after cancellation.
In the case of a positive account balance, the system sends automatic notifications, which they cannot unsubscribe from.
The system will send several reminders via e-mail prior to the scheduled repayment date. If you can’t make the repayment or ignore the notifications, the collateral management system will automatically liquidate a portion of your collateral and pay your loan back. Only as much of the collateral is sold off as needed for the full repayment, the remaining portion will be automatically credited to the client’s account.
The transfers of cryptocurrencies are made by open blockchains, for which reason we cannot immediately credit incoming transfers when they appear on blockchains, only after a certain amount of additional blocks. Use the list below to check the minimum amount of confirmation (blocks) required to credit a transaction. In all cases of remittance transactions, note down the sender side transaction ID (so-called txid), as with this ID, our colleagues can help you if a remittance does not arrive.
A minimum number of confirmed blocks required:
6 blocks in case of BTC and LTC
12 blocks in case of ETH, ILK, and USDC
You can check the number of confirmed blocks per transaction at any time in well-known blockchain explorer applications (eg blockchair.com or etherscan.com). If your transfer does not appear in INLOCK after that block number, please contact INLOCK Support at [email protected] or live chat to indicate the transaction amount, the amount that needs to be transferred, the currency, and the crypto address to which the transaction was made.
The loan can be used freely for any purpose, which is permitted by legal and regulatory frameworks.
By paying in installments, clients can reduce their arrears (in case they repay more than the current interest debt). As a result, clients only have to pay interest on a lower debt for the rest of the contract.
Prepaying is completely free of charge.
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.