Sphere
Learn how to on and off-ramp crypto with Sphere.
What Is Sphere?
Sphere is a payments platform that bridges traditional finance and the onchain economy by streamlining the on-and off-ramping process.
How do Squads users benefit from this integration?
You can now on-ramp assets to your Squads wallet and off-ramp to fiat in a secure and cost-effective way. This is enabled seamlessly via Wire, ACH, and SEPA transfers for both USD and EUR bank accounts.
On-Ramping with Sphere & Squads
Before using Sphere, make sure to set up an account and connect your bank account here.
To on-ramp crypto with Sphere:
Create a new Wire, ACH, or SEPA on-ramp on Sphere.
When setting up a new on-ramp, select the bank account you'd like to send fiat from, choose Solana as the destination network, paste in your Squads vault address, and then select “Use Wallet”.
Next, fill out the on-ramp form and click “Initiate”—your transfer will now be processed. Note that the transfer will either be processed automatically or you'll get wire instructions to manually complete the deposit.
Off-Ramping with Sphere & Squads
You can off-ramp from crypto to fiat in a single Squads transaction using Sphere Offload.
In the “Payouts” section on Sphere, select the “Bank accounts” tab.
Next, navigate to the bank account you'd like to off-ramp to and click the three dots in the “Actions” column, select “Generate wallet address” for the Solana network, and then click “Confirm”.
In a couple of seconds, you should see “View wallets” in the “Linked wallets” column. Click on it. From the pop-up you'll be able to copy the Solana wallet address that is linked to your bank account—add it to your Squads contact book and use it whenever you'd like to off-ramp crypto to fiat.
Streamline the off-ramping process by creating a Spending Limit. For example, you can specify that your CTO can transfer USDC 1,000 per week to the off-ramp address without the standard Squads-required multisig approval.
Transfer types
Sphere supports Wire, ACH, and SEPA transfers for both USD and EUR bank accounts.
Currently, Sphere only supports USD and EUR bank accounts—regardless in which jurisdiction the issuing bank is located in. This applies to e.g. multi-currency accounts (e.g. Wise/Revolut), and e.g. an Indonesian with a USD account.
Fees
On-ramp
1) Bank fees for sending Wire, ACH, or SEPA
2) 0.1% conversion fee (USD to USDC) and (EUR to USDC)
3) Solana network fee for sending funds to a Sphere-generated wallet address
Off-Ramp
1) Solana network fee for sending funds to a Sphere-generated wallet address
2) 0.1% conversion fee (USDC to USD) and (USDC to EUR)
3) Bank fees for receiving Wire, ACH, or SEPA
Jurisdictions
Sphere supports transactions to any USD and EUR bank account that is located in a non-high-risk country, according to OFAC/FATF.
Unsupported countries/regions are listed here.
Last updated
