If you already have an external counter-party to your Bitcoin trade, we have the capabilities to provide a
safe and efficient escrow service where both parties are protected.
Our Escrow Process
Read through our most frequently asked questions to gain a better understanding of how our service works.
Most escrow services only have the capability to validate, monitor and safely hold fiat funds but
no capability to secure cryptocurrency. However, we at Velo Trust via our airgapped, cold
storage infrastructure solutions are able to totally secure bitcoin held in escrow. The bitcoin
we hold in escrow on behalf of our clients is also insured against loss.
After the transaction is opened, the escrow officer provides the buyer with escrow funding instructions, then
confirms the availability of funds to the seller and requests bitcoin transfer
to the designated escrow wallet, after bitcoin confirmation of receipt, purchase
price is then released to the seller and bitcoin to the buyer.
Bitcoin settlement is completed 24 hours after we confirm receipt of your payment, while fiat settlements occur between
1-3 business days depending on the location of your bank, the currency being settled, and the time the trade took place.
Fiat assets are federally insured and digital assets are insured from the moment we receive them
in escrow to the moment they reach the counterparty wallet.
Our escrow transaction fee is fixed at 1%. This fee can be split between both parties or paid
entirely by a single party depending on the transaction terms.
In order to use and onboard our service we require you to provide us with some of your personal
data which is verified against credit reference agency
data in order to fulfil our KYC/AML compliance checks. Your personal data is protected
by privacy laws and is never shared with any third parties. It is also protected from any
form of data breach by military grade encryption.
You cannot send bitcoin to an escrow wallet without a transaction however you can send
fiat funds to an escrow account in anticipation of a future transaction or have some
fiat funds left over from a previous transaction. This displays on your dashboard as
your available balance.
The moment we receive buyers funds in escrow, we quote the corresponding bitcoin you
have to send from Bitstamp
prices based on the discount or premium you are selling at.
If you would like your account closed and your personal data deleted, please send a request to
dataprivacy@velotrust.com and we would be
happy to do so.
Buyers escrowed funds are not released until we receive sellers bitcoin and are able to provide
total assurance that the coins are real and transferable.
Once we confirm receipt of sellers coins, they can only be released to the buyer, once escrowed
funds have been sent and confirmed at the sellers bank.
