How to Use IDRT on Liquid

In Guest Post

What is Rupiah Token (IDRT)?

IDRT is the first stablecoin aiming to mimic the value of the Indonesian Rupiah. It is issued by Indonesian-based startup ‘PT Rupiah Token Indonesia’ and is the most-adopted stablecoin that is pegged 1:1 with Indonesian Rupiah (IDR). Currently, IDRT runs on three different blockchain networks: Ethereum (as ERC-20 token, IDRT), Luniverse Chain (as ERC-20 Token, IDRTL), Binance Chain (as BEP-2 token, IDRTB). We are glad to finally have IDRT (ERC-20 token) on the Liquid ecosystem. As an ERC-20 token, IDRT is benefiting from the speed, security, scalability, transparency and all other features of the Ethereum network.

The main target market of IDRT is Indonesian cryptocurrency traders who want to have access to global cryptocurrency exchanges such as Liquid. IDRT team fully understands the hassle of Indonesian traders in accessing global exchanges prior to IDRT launching, where traders need to go through a long journey with relatively expensive fees to finally be able to trade in global exchanges. IDRT aims to tackle this issue by facilitating users with direct crypto pairing in top global exchanges using a Rupiah stablecoin. Thus, they do not need to worry about the expensive fees and long processes as IDRT can bridge them in the on/off ramp of fiat Indonesian Rupiah to crypto ecosystem. Unlike other stablecoins pegged to other foreign currencies, Indonesian traders do not need to worry any longer about the possibility of FX rate movement, poor liquidity in local exchanges, and difficulty in benchmarking asset prices to Indonesian Rupiah.

Why use IDRT?

Banking Integration

Currently, you can deposit & withdraw IDRT to fiat Indonesian Rupiah using both its website https://www.rupiahtoken.com or using its mobile app Pintu https://www.pintu.co.id. IDRT has robust relationship with multiple leading banks in Indonesia i.e. Maybank, BNI, and BCA including a “Virtual Account” facility that allows automated processing & transfer to the user's destination wallet address. Thus, we are able to accept deposits and withdrawals in real time. 

If you opt to deposit through its website, you can get the token instantly once you have deposited the fiat to its bank account. On the other hand, if you withdraw IDRT to IDR using the website, currently, you might need to wait a little longer as it needs to go through the verification process. However, if you opt using the Pintu app, all of the processes (both deposit and withdrawal) can be done automatically and real-time 24/7-365. You will soon be able to deposit and withdraw IDRT through Indonesian leading e-wallet platforms via Pintu mobile app too! Worry not, we can transfer the fiat Indonesian Rupiah to ALL banks in Indonesia!

Market Making / Liquidity

IDRT team has the capabilities of In-house market making based on algorithms for cross-exchange and pure market-making. To ensure all IDRT markets are liquid and strong, we also partner with local and regional market makers to complement the in-house one. This feature has allowed IDRT to connect with top global exchanges and serve more Indonesian users.

Security

IDRT smart contract code has passed the CertiK audit, whereby CertiK is a global leading smart contract auditor. On top of that, Rupiah Token is insured by Curv to give more protection to our users. IDRT also has a higher protection of private keys via Hardware Security Modules (HSM).

Competitive Fee

Rupiah Token does not charge you anything for depositing your fiat Indonesian Rupiah to our platform, it is 100% free. On the other hand, we only charge a small fee of 0.5% on your withdrawal amount + Rp 4500 (flat bank fee).

Vast Ecosystem

IDRT is continuously developing its ecosystem both locally and globally by partnering up with many relevant stakeholders. IDRT is supported by multiple crypto wallets such as Trust, Metamask, Argent, and so forth. It aims to strengthen both its crypto trading use cases as well as other real world use cases. One example of its real world use cases is its compatibility with the real-time financing platform called Sablier. 

Are you still confused about IDRT tokenization and redemption?

Here, check out the step-by-step walkthrough below to understand how you can deposit and withdraw fiat Indonesian Rupiah using IDRT to Liquid!

IDRT via Rupiah Token site

Before going through the following steps, please make sure that you already have verified accounts both on https://www.liquid.com and https://www.rupiahtoken.com. Also, please kindly note that you need to have an Indonesian bank account in order to deposit and withdraw your IDRT directly to IDR fiat.

Getting your IDRT

Top up Rupiah Token Balance on Pintu IDRT wallet

  1. Go to https://www.rupiahtoken.com and log in using your registered account
  2. Go to “Dashboard” and choose “Purchase Token”
  3. Choose “IDRT ERC-20 (Ethereum)”
  4. Now, go to Liquid platform and go to “Funds” section
  5. Search for “IDRT” balance and choose deposit
  6. Copy your IDRT wallet address from Liquid platform
  7. Go back to Rupiah Token website, input the IDRT amount that you want to send to Liquid, and paste your Liquid IDRT wallet address to the “Destination Ethereum Address” box
  8. Click “Create Purchase Request”
  9. You will see a Purchase Details on Rupiah Token website. You can now transfer the fiat Indonesian Rupiah as per the instructions to the BNI Virtual Account Number shown. Please transfer the exact amount as shown in the Purchase Details.
  10. Once you have completed the bank transfer, you will immediately receive the IDRT token in your destination wallet address (in this case, in your Liquid IDRT wallet)
  11. Voilà, the IDRT deposit to your Liquid wallet address has been completed. Now, you can begin to trade it on Liquid platform!

Redeeming your IDRT

Register a new IDRT wallet on Liquid:

  1. Open Liquid platform and go to “Funds” section.
  2. Select “Withdrawal” button and search for “IDRT”.
  3. Open the drop down list and select “Manage Wallet Address” and choose “Add IDRT Address”.
  4. Now, open the Rupiah Token website, go to “Dashboard”, and select “Withdraw Rupiah”.
  5. Choose “IDRT ERC-20 (Ethereum)”.
  6. You will be shown the IDRT redemption wallet address on the “Step 1” section. Now, please copy the Destination Address (ERC-20 Wallet) shown on this section.
  7. Go back to Liquid platform. Write down the label that you desire for the new wallet address, paste the IDRT wallet address from the Rupiah Token website, and input the 2FA code, then click “Add IDRT Address”.
  8. Check your email inbox and verify the new wallet address registration.

Withdraw IDRT from Liquid to Rupiah Token Website

  1. Open Liquid platform and go to the withdrawal section and select the IDRT wallet address that you have just registered.
  2. Input the IDRT amount that you want to withdraw from Liquid and input the 2FA code and click confirm.
  3. Check your email inbox and confirm the withdrawal.
  4. Once the withdrawal has been confirmed by Liquid, you will immediately receive the IDRT in your redemption wallet address on Rupiah Token website.
  5. Go back to the Rupiah Token redemption page and refresh the page. You will now see the IDRT amount that has been withdrawn from Liquid platform.
  6. Now, go to “Step 2” section on the redemption page and input the IDRT amount that you want to redeem/withdraw from Rupiah Token redemption address.

PS: There is a minimum of Rp 50,000 per withdrawal from Rupiah Token website.

  1. Select the destination bank account from the drop down list.
  2. Click “Confirm” to confirm the withdrawal. Now, you have to wait for a few minutes to receive it in your bank account.

PS: if you withdraw from Rupiah Token platform, the withdrawal might not be immediately processed as it still requires manual verification. If you want the automatic and real-time withdrawal, you may choose to withdraw through Pintu application as explained below.

  1. Voilà, you have now received the fiat Indonesian Rupiah in your bank account!

IDRT via Pintu mobile application

Before going through the following steps, please make sure that you already have verified accounts both on https://www.liquid.com and on Pintu mobile application. Also, please kindly note that you need to have an Indonesian bank account in order to deposit and withdraw your IDRT directly to IDR fiat.

Getting your IDRT

Top up Rupiah Token Balance on Pintu IDRT wallet

  1. Open Pintu app and click “Deposit” on the Rupiah Token tab
  2. You will find the “Virtual Account Number” that is connected to your Rupiah Token wallet in Pintu app
  3. You can immediately transfer the deposit amount that you desire to that Virtual Account Number using your bank account. 

PS: There is no minimum deposit amount. You do not need to have a BNI bank account to be able to transfer the deposit amount to the Virtual Account Number. You can transfer the deposit amount from ANY bank in Indonesia. Isn’t that great?

  1. Once you have made the transfer from your bank account to the Virtual Account Number, you will immediately receive the Rupiah Token (IDRT) balance in your IDRT wallet in the Pintu app.

Send the IDRT to Liquid IDRT wallet

  1. Open Pintu app and click the “Send” button on the Rupiah Token tab
  2. Select “Ethereum Blockchain” 
  3. Now, go to Liquid platform and go to “Funds” section
  4. Search for “IDRT” balance and choose deposit
  5. You can choose whether to copy and paste your IDRT wallet address on Liquid to Pintu app or just simply scan the QR Code from your Pintu app!
  6. Once the IDRT wallet address has been filled, please input the IDRT amount that you want to send to Liquid, click next, and confirm transaction
  7. Voilà, the IDRT deposit to your Liquid wallet address has been completed. Now, you can begin to trade it on Liquid platform!

Redeeming your IDRT

Register new IDRT wallet on Liquid

  1. Open Liquid platform and go to “Funds” section
  2. Select “Withdrawal” button and search for “IDRT”
  3. Open the drop down list and select “Manage Wallet Address” and choose “Add IDRT Address”
  4. Now, open your Pintu application and select “Receive” on the Rupiah Token tab
  5. Select “Ethereum Blockchain” and copy the IDRT wallet address
  6. Go back to Liquid platform. Write down the label that you desire for the new wallet address, paste the IDRT wallet address from your Pintu app, and input the 2FA code, then click “Add IDRT Address”
  7. Check your email inbox and verify the new wallet address registration

Withdraw IDRT from Liquid to Pintu app

  1. Open Liquid platform and go to the withdrawal section and select the IDRT wallet address that you have just registered.
  2. Input the IDRT amount that you want to withdraw from Liquid and input the 2FA code and click confirm.
  3. Check your email inbox and confirm the withdrawal.
  4. Once the withdrawal has been confirmed by Liquid, you will immediately receive the IDRT in your Pintu app.
  5. Open Pintu app and select “Withdraw” from Rupiah Token tab.
  6. Input the IDRT amount that you want to withdraw to fiat Indonesian Rupiah and select your bank account destination.

PS: There is a minimum of Rp 50,000 per withdrawal from Pintu application.

  1. Click “continue” and confirm withdrawal.
  2. Voilà, you have now received the fiat Indonesian Rupiah in your bank account!

 

All guest authors’ opinions are their own. Liquid does not endorse or adopt any such opinions, and we cannot guarantee any claims made in content written by guest authors.

This content is not financial advice and it is not a recommendation to buy or sell any cryptocurrency or engage in any trading or other activities. You must not rely on this content for any financial decisions. Acquiring, trading, and otherwise transacting with cryptocurrency involves significant risks. We strongly advise our readers to conduct their own independent research before engaging in any such activities.

Liquid does not guarantee or imply that any cryptocurrency or activity described in this content is available or legal in any specific reader’s location. It is the reader’s responsibility to know the applicable laws in his or her own country.

WRITTEN BY

IDRT

IDRT is the first stablecoin aiming to mimic the value of the Indonesian Rupiah. It is issued by Indonesian-based startup ‘PT Rupiah Token Indonesia’ and is the most-adopted stablecoin that is pegged 1:1 with Indonesian Rupiah (IDR).