OTC lets you lock a BOB↔USDC exchange rate for a set period of time before executing the operation. It is useful when you want to secure a price instead of depending on the rate at the exact moment of execution.
How it works
1. Request a quote: you request a quote stating the operation type (buy or sell), the network/blockchain, and how many hours you want the price locked for (between 1 and a configured maximum, normally up to 5 hours). The quote you get is valid for 5 minutes to create the ticket.
2. Create the ticket: you confirm the USDC amount (minimum 0.01) and the "OTC ticket" is generated with the locked price. The ticket goes to "Created" status.
3. Approval by the Prismapay team: before it can be executed, every ticket must be reviewed and approved by the operations team. It is not fully self-service. On approval, the ticket moves to "Accepted" and the validity countdown restarts from the moment of approval, not from creation.
4. Execute: while the ticket is "Accepted" and has not expired, you can execute it. On execution, the operation is carried out at the locked price, with no new market quote needed, and the result is "Completed". If funds are insufficient at that moment, the ticket returns to "Accepted" so you can retry.
5. Cancel: a ticket can be cancelled while it is "Created" or "Accepted".
6. Expiry: if the validity period runs out without execution, the ticket automatically becomes **"Expired" (timeout)**.
Requirements
- Having the crypto wallet enabled.
- Holding the matching permissions to create, execute or cancel OTC tickets, according to the role assigned within the account.