Redeeming cash tokens for fiat currency and crypto paid in
Users can redeem Verified cash tokens in their Verified account and get back what was paid in to issue those cash tokens. For example, if any ether was paid in for issue of Verified cash tokens, the user will get back ether equivalent to amount of cash tokens that is in balance on the user's Verified account. If Verified cash tokens of another currency was paid in for issue of a Verified cash token, redemption returns an amount of cash tokens paid in that is left in balance on the Verified account.
The user facing application should call the
transferFromfunction for redemption of cash tokens. Here, cash tokens of a currency is sent to the Cash contract of the same currency and the application can pass a callback function to
notifyCashRedemptionwhich is invoked when the redemption is successfully done on the Verified Network.
In case fiat currency is paid in to issue Verified cash tokens, their redemption will automatically call the fiat pay out functions that will debit the Custodian's bank account and credit the user's bank account.