Manually Securing User Asset Withdrawals for Blockchain Institutions

In our previous post, we covered how to effectively set up an automatic asset withdrawal system for a large user base that works securely 24/7 using CoinSend.

However, when it comes to high-value transactions, a one-size-fits-all automated approach may not suffice. The stakes are higher, and therefore, a different level of scrutiny is warranted to ensure the utmost security and adherence to regulatory and internal compliance standards.

Traditionally, manual approval might be facilitated by multi-signature wallets where more than one individual must sign off on a transaction before it's executed. However, this method can be cumbersome, time-consuming, and not well-suited for a seamless user experience.

On the other hand, CoinSend's manual approval flow is designed to integrate seamlessly with your business operations. We’ll show you how it allows for the setup of a streamlined process where high-value, low volume transactions can be manually reviewed and approved by designated personnel swiftly and securely.

A Quick Overview of How it Works

Manual Approval

This option is more suitable for corporations with infrequent dispatching needs but large transaction amounts.

First, the corporation sets up the approval flow along with approval permissions for the relevant persons.

Next, each approver binds their identity private key through CoinSign.

Finally, they will sign the approval data for each transaction request to further ensure the safety of the entire process.

Step 1: Set Up Your Client Device

These are the wallets containing your users’ digital assets, from which they are dispatched as requested. You can set them up according to these simple steps.

I’d like to draw your attention to the Callback and Activation switch.

Callback: This determines whether you get a notification via API each time a transaction is approved.

Activation: If this switch is turned off, the client device will be disabled.

Step 2: Set Up Your Sub-Accounts

The purpose of sub-accounts is to allow smooth running of your operations without your employees accessing your private key whenever there needs to be a transaction.

There are three types of sub-accounts:

Robot account: A sub-account you can program to automatically approve transactions upon meeting certain conditions

General account: A sub-account that allows for the manual initiation and approval of transactions.

Server account: A sub-account that allows automatic dispatch via API calls

To set them up along with the requisite permissions, follow these steps.

Step 3: Dispatch Assets (Manual)

Have someone with a general sub-account manually create the transaction according to the following steps:

First, click on “Sub-account configuration” in the sidebar and click on the sub-account login URL

Second, click on “Dispatch record”, create the transaction by clicking ”Add dispatch record” and filling out the required fields.

Third, click on “pending approval” to approve or reject the application

At this stage, you’ll be prompted to verify the integrity of the transaction using the CoinSign signature tool

After the integrity of the transaction has been confirmed (the transaction originated from a trusted person), you’ll move on to the execution approval stage, where you’ll be prompted to approve or reject the payment request again using the CoinSign signature tool.

Scale Your Business Effortlessly

Striking a balance between automation for efficiency and manual intervention for enhanced security is paramount, especially when dealing with high-value transactions. CoinSend, with its state-of-the-art manual approval flow, epitomizes this balance, providing a tailored solution for businesses to securely handle high-value, low volume transactions while also reinforcing the platform’s commitment to delivering both, swift transaction processing and robust security measures, to meet the diverse operational needs of modern businesses.