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Data Model

Core Data Model
The diagram above outlines the key concepts and their relationships, providing a clear view of how our financial infrastructure operates. When a User registers, they must specify their Country of residence and accept the applicable Terms of Service, which establish the legal framework for using the platform. To ensure compliance, every User must complete Know Your Customer (KYC) processes, a set of verification steps required before accessing financial services. Our platform supports three types of KYC processes: basic, form-based, and file-based. For the file-based verification steps, the User must upload the required Files (e.g. government ID, Proof of Address) to provide the necessary documentation for verification. A User’s KYC status and the Terms of Service they accept directly influence their Capabilities on the platform. Capabilities define what important actions a User is allowed to perform. Depending on the Capabilities granted, the User may be restricted from performing certain operations, such as transacting or linking an External Account, e.g. a bank or a credit card. Each User owns one or more Accounts, each storing balance of Asset. Users interact with their accounts primarily through Transactions, which modify Account balances by trading, depositing, or withdrawing assets. Deposits and withdrawals are powered by Rails, which determine how assets are transferred within a Network. Users can also create External Accounts, which enable them to link bank accounts or credit/debit cards. Unlike push deposits, External Accounts allow our platform to pull funds to an Account, with the User’s authorization. External Accounts can also be used as a withdrawal destination, enabling two-way transactions.

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Key Concepts

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Denomination

Denomination currency refers to the currency unit in which the value of a transaction, trade, or financial asset is expressed. It provides a consistent way to measure value across different assets or currencies. Additionally, knowing the denomination helps in assessing exposure to foreign exchange fluctuations. The denomination currency is not necessarily the same as the currency used to pay. A user can buy an asset priced in EUR (denomination currency), but pay in USD. As another example, users might:
  • Hold balances in one currency (e.g., GBP)
  • View prices in another (e.g., USD)
  • Transact in yet another (e.g., BTC)
Specific examples:
  1. Buying Crypto
  • You buy 1 BTC priced at $60,000 USD.
  • USD is the denomination currency (price reference).
  • You pay in EUR → conversion happens at settlement.
  1. Cross-Border Payment
  • A vendor invoice is denominated in GBP.
  • You pay using USD.
  • GBP remains the denomination currency (the expected value); USD is converted to match that amount.
  1. Account Statements
  • A portfolio could list all assets in a single denomination currency, like USD, even if the assets are held in multiple currencies.