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Author Topic: Looking for Multiple Cryptocurrency Custody services via API  (Read 141 times)
smartyscriptsdotcom (OP)
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May 17, 2021, 12:40:42 PM
Merited by dkbit98 (1)
 #1

I am looking for Multiple Cryptocurrency Custody services with API access, where I can generate payment addresses and receive payment notifications (IPN), and the API also has the option of sending payments.

I found BitGo, but there are only 7 coins in the Pay As You Go plan. I also found NowPayments that would be perfect for my purpose, however they are a Non-Custodial service, so it is not feasible for my project.

In short, what I need are service recommendations that have the following characteristics.

. Multiple currency options (the more the better), mainly: BTC, ETH, LTC, DOGE, TRX
. API for generating payment addresses and sending payments
. IPN for notifications of payments received
. Custody of balances, because the balance needs to stay in the account until I decide to withdraw it or make payments when necessary

My goal is to create a micro-wallet system for small value transactions avoiding fees from the Blockchain network. I know that the best option would be to host the wallets on my own server so as not to depend on third party services, but for the time being this option is not viable because the initial cost will be high.


Sites that do exactly what I want to do in my project: Faucetpay, Expresscrypto


Anyone who has suggestions for services that have these characteristics, comment here.


Best regards
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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dkbit98
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May 17, 2021, 03:19:42 PM
 #2

I know several websites you can check out but I am not sure if they meet all your requested requirements or if they support all countries.
Fees are different and I didn't compare them in details so you need to make your own research.

- Coinpayments is based in Estonia (I think) and they exist from 2013, accepting Bitcoin and many other coins; other websites are using them for years;
- Coingate is based in Lithuania and it was created in 2014, accepting Bitcoin and over 50 other coins;
- Coinbase Commerce needs no introduction but I think they don't have custodial wallet like you want.

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AdolfinWolf
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May 17, 2021, 06:13:02 PM
 #3

How can the costs be too high vs using a service provider? Most likely every service provider will take a % cut, which, if i somewhat understand what you're trying to do, would be detrimental.

Why not get a VPS for a couple bucks, (EC2 = ~20$ p month), and use core RPC? I can almost guarantee it will be less of a hassle than using something like coinpayments (which is not meant for this anyhow)

Quote
My goal is to create a micro-wallet system for small value transactions avoiding fees from the Blockchain network. I know that the best option would be to host the wallets on my own server so as not to depend on third party services, but for the time being this option is not viable because the initial cost will be high.
Coinpayments taking a 0.5% cut on each payment would be cutting your margins significantly - plus i'm not sure if their API actually broadcasts payments, and if they do, you'll still probably need your own DB to keep track of each individual account/address. You'll need a dedicated server anyhow.

smartyscriptsdotcom (OP)
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May 17, 2021, 06:20:39 PM
 #4

How can the costs be too high vs using a service provider? Most likely every service provider will take a % cut, which, if i somewhat understand what you're trying to do, would be detrimental.

Why not get a VPS for a couple bucks, (EC2 = ~20$ p month), and use core RPC? I can almost guarantee it will be less of a hassle than using something like coinpayments (which is not meant for this anyhow)

Quote
My goal is to create a micro-wallet system for small value transactions avoiding fees from the Blockchain network. I know that the best option would be to host the wallets on my own server so as not to depend on third party services, but for the time being this option is not viable because the initial cost will be high.
Coinpayments taking a 0.5% cut on each payment would be cutting your margins significantly - plus i'm not sure if their API actually broadcasts payments, and if they do, you'll still probably need your own DB to keep track of each individual account/address.

In fact, hosting my own NODE would be ideal. But at first my goal is to use a third-party service, to facilitate integration and test the idea without having to delve into more complex technical knowledge at this early stage.

Because to follow this path it would be necessary to have several Nodes, one for each currency, which makes everything very complex. At this initial moment, I want something simpler and faster to be used, later, with the results of the project in hand, it would be the most appropriate time to implement my own solution with lower cost and higher performance.
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May 17, 2021, 06:46:45 PM
 #5

BTCPay is what you are looking for despite its name, but be sure to read their documentation to see how to compile extensions that provide support for each altcoin or you could hire someone to write one for you in case one doesn't exist for a particular coin.

You can also hire someone to manage the hosting for you themselves because third-party services may have some strings attached (not all countries supported, limits, verification requirement, and so on).

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smartyscriptsdotcom (OP)
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May 18, 2021, 10:21:07 AM
 #6

BTCPay is what you are looking for despite its name, but be sure to read their documentation to see how to compile extensions that provide support for each altcoin or you could hire someone to write one for you in case one doesn't exist for a particular coin.

You can also hire someone to manage the hosting for you themselves because third-party services may have some strings attached (not all countries supported, limits, verification requirement, and so on).

Yes, I discovered this site during my research and it is on my list of possible solutions.
smartyscriptsdotcom (OP)
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May 18, 2021, 11:05:07 AM
 #7

- Coinbase Commerce needs no introduction but I think they don't have custodial wallet like you want.

Although we're talking about Coinbase, Coinbase Commerce is non-custodial service and OP explicitly mention it's not what he need.

P.S. i don't know it works as non-custodial service, but i guess they require you to give the master public key.

Coinbase does not work because, if I am not mistaken, their API is only used to receive payments, it is not used to send payments.
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May 24, 2021, 04:57:43 PM
 #8



In short, what I need are service recommendations that have the following characteristics.

. Multiple currency options (the more the better), mainly: BTC, ETH, LTC, DOGE, TRX
. API for generating payment addresses and sending payments
. IPN for notifications of payments received
. Custody of balances, because the balance needs to stay in the account until I decide to withdraw it or make payments when necessary
The first and last point are really not compatible with each other. If you are sending an API request to a 3rd party service, you are trusting the service to give you an accurate response, even if you have the private keys associated with the address they are supposed to be giving you. If they return an address that you have the private keys to, you will remain in custody of the bitcoin, however if you are given an address that you don’t have the private keys to, you will not have control of the bitcoin.

Quote
Coinbase does not work because, if I am not mistaken, their API is only used to receive payments, it is not used to send payments.
If you are using an API to send payments, you will need to give the service your private keys. Even if they are not moving or commingling the inputs, I really don’t think this would be described as “allowing you to maintain custody of the bitcoin”.
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