All about Circle Credits: yes, more waiting periods.
- All transactions at nWayPlay marketplace are done via “Circle Credits,” which is basically your balance.
- Circle Credits are like Gems or Crystals in a game; they are not crypto.
- They must be backed by USDC, one to one. Meaning we can only generate 10 Circle Credits if we have 10 USDCs.
- When a user transacts using a credit card to add funds (circle credits) to their balance, it takes up to three days for USDCs to arrive to match and generates the circle credits.
- In order to have the transactions be more real time in the marketplace, we need to have a 3 days worth of float (USDCs we have pre-purchased).
- So in essence when a user uses the credit card to add $100 to their balance, we are lending 100 USDCs to them until the transaction settles and 100 USDCs arrive in our system.
- If the float runs out, the user may need to wait 3 days before being able to see their balance go up and transact.