How It Works

Understanding the user flow is crucial for designing an intuitive and efficient interface. Here's a detailed breakdown of the key processes on the Koyn platform:

1. User Registration and KYC

1. User signs up for a Koyn account
2. Automatic Tier 1 KYC status granted upon registration
   • Daily withdrawal limit: 500,000 Naira
3. Option to upgrade to Tier 2 KYC for higher limits (Settings menu)

2. Selling Crypto

1. User logs into their Koyn account
2. Navigates to the 'Sell Crypto' section
3. Selects the type of cryptocurrency they want to sell (BTC, USDT TRC, USDC, ETHEREUM, USDT ERC20)
4. System generates a personalized crypto wallet address for the selected cryptocurrency(one-time action for each coin)
5. User copies the address or scans the QR code
6. User sends the crypto from their external wallet to the generated Koyn address
7. System waits for three confirmations on the blockchain
8. Once confirmed, the equivalent Naira amount is instantly credited to the user's Koyn wallet
   • Rate is determined based on the transaction amount:
     • $10-$99
     • $100-$999
     • $1000-$4999
     • $5000 and above

3. Withdrawing Funds

1. User navigates to the withdrawal section
2. Enters the amount they wish to withdraw
3. Selects their registered bank account (or adds a new one)
4. System prompts for the transaction PIN