6. Cloak Transfers and USDC (Stable Coin)
The platform uses CloakCoin as it’s the main cryptocurrency for deposits and withdrawals. For each user that registers a new CloakCoin address will be generated. This address will be used for deposits. After a deposit, this amount will be converted to USDC based on the daily coinmarketcap.com valuation. USDC is a Stablecoin that pegs to USD. It exists inside the CloakFX platform and always has a value equal to 1 USD. The users will be opening positions and making trades using USDC values.
When users would like to make withdrawals they will enter a CloakCoin address and request withdrawals. The USDC amount that is requested to be withdrawn will be converted to CloakCoins using again the coinmarketcap.com valuation and sent out to the designated address.
The platform will enable administrators to manage these deposit addresses and allow them to move the collected deposits to the main account and later into cold storage.