You can use our API endpoints to get access to traditional payment rails, like ACH, through identity verification and bank account linking.
It works like so:
Person A wants to transfer money (say, $5.67) to Person B.
The app implementing Sila's API requests ID verification of A and B.
If A is a real person, A can link their bank account. If B is a real person and wants to receive USD in their bank account, they can also link theirs.
A can now have Sila issued to their Ethereum address. This debits their linked bank account $5.67 and issues them 567 SILA tokens.
Once the SILA tokens have been issued, A can transfer them to B. This can be done with a call to our API or directly over the blockchain, if desired. This transfer will normally complete relatively quickly.
When B has the tokens, they can elect to redeem them back into USD. This will burn their 567 SILA tokens and credit their bank account in the amount of $5.67.
A's account has been debited $5.67 and B has been credited $5.67.
No, not in the traditional sense! Sila is a representation of an underlying financial instrument (a money market fund) in ERC20 token form. It works like a stablecoin; the value of 100 SILA is always equivalent to $1 USD.
You really don't! It's helpful to know how to sign a message with a private key, but that's about it.
Yes, your end users do not necessarily need to know that they are using the blockchain.
We cannot currently support businesses on our platform that are based outside of the United State of America. However, we will make our way into additional regions as quickly as possible. Stay in touch with us to find out where and when.
In short, we're low cost, we dramatically reduce go-to-market time for startups in need of money transmitter licenses, and under certain circumstances we can share interest revenue from the money market fund.