Deposit (Cryptocurrency Transaction)

A deposit transaction refers to the movement of funds, either in the form of cryptocurrency or fiat currency, from one platform to another. Users commonly initiate deposits when transferring funds between a cryptocurrency exchange, cryptocurrency wallet, custodial provider, or fiat-to-crypto on-ramp. These transactions are conducted on the blockchain and may involve transaction fees imposed by the underlying blockchain network. Deposits are frequently utilized to transfer assets between different wallets and exchanges, as well as to convert fiat currencies (such as USD, EUR, JPY) between a bank account and a fiat on-ramp service provider.