ILP Wallet Overview
For you to receive payments from Flossbank, you must have an account with a digital wallet that supports Interledger (opens in new window). Interledger is what Flossbank uses to send payments, so your wallet provider must support Interledger to receive those payments.
Currently, Uphold (opens in new window) is the best option for a wallet provider. Uphold supports over 60 currencies including USD, EUR, GBP, CAD, PLN, XRP, BTC, ETH, and more (opens in new window).
You must verify who you are before withdrawing funds from Uphold. You can open an account and begin receiving funds, but in order to withdraw funds, you must verify your identity (opens in new window).
It could take some time to verify your identity, so if you're in a rush, start early.
After you open an account with Uphold, they will assign you a payment pointer. You can find that pointer by following these Uphold instructions (opens in new window). A payment pointer is required for you to receive money from Flossbank. You can think of it as an address of where we should send your money. The pointer is used to retrieve a special, one-time payment address along with a secret. This is used to send the money to your wallet.
Payment pointers are similar to a URL, but they'll start with a $. An example of an Uphold ILP Pointer could be: $ilp.uphold.com/ABC3DefGHi67jk
What is Interledger and why does Flossbank use it?
Interledger is an open protocol suite that Flossbank uses to send payments. As such, digital wallet providers that want to accept payments from Flossbank must also support with Interledger. You can learn more about Interledger at interledger.org (opens in new window).
Is Interledger a cryptocurrency?
No, Interledger is simply a mechanism of moving value. Flossbank initially calculates payouts in USD, however Uphold allows you to exchange the amount you receive into any of their other supported currencies before withdrawing.
Have more questions? Visit our FAQ page to find out more.