How To Activate A Crypto Wallet To Connect It Correctly In Companio
Some cryptocurrencies such as Solana (SOL) or Ripple (XRP) require you to activate their wallets before they can be used. This includes being connected in Companio.
To activate it, you usually need to add an initial amount of money to the wallet. Fortunately, this initial balance is usually small. In the case of Ripple, that is 10 XRP, which is below 5€ (on May 2024), and Solana requires you to add 0.01 SOL, which is less than a Euro.
So our recommendation, given the small amounts involved, would be to follow this procedure:
Open the crypto-wallet for your business (to keep a strict separation between your business funds and the funds of the members).
Receive an initial sale in the crypto-wallet that covers the initial fee.
Once the wallet has the right amount and it is activated, you can link it in Companio following these instructions.
Minimum balances for common cryptocurrencies that require an initial amount of funds include (*):
(*) Note: not all these cryptocurrencies may be necessarily supported by Companio right now.
To activate it, you usually need to add an initial amount of money to the wallet. Fortunately, this initial balance is usually small. In the case of Ripple, that is 10 XRP, which is below 5€ (on May 2024), and Solana requires you to add 0.01 SOL, which is less than a Euro.
So our recommendation, given the small amounts involved, would be to follow this procedure:
Open the crypto-wallet for your business (to keep a strict separation between your business funds and the funds of the members).
Receive an initial sale in the crypto-wallet that covers the initial fee.
Once the wallet has the right amount and it is activated, you can link it in Companio following these instructions.
Minimum balances for common cryptocurrencies that require an initial amount of funds include (*):
| Cryptocurrency | Amount | Approximate Value in EUR (May 2024) |
|---|---|---|
| Solana (SOL) | 0.01 SOL | 0.025 EUR |
| Ripple (XRP) | 10 XRP | 4.72 EUR |
| Polkadot (DOT) | 1 DOT | 6.27 EUR |
| Lisk (LSK) | 0.05 LSK | 0.078 EUR |
(*) Note: not all these cryptocurrencies may be necessarily supported by Companio right now.
Updated on: 29/04/2024
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