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When creating an entity the payoutDestination is a required field that defines where funds settle - either a wallet address for crypto settlement or a bank account for fiat settlement. You must have a payout destination and payment types configured to receive payment on a network. The default payout destination is used when a payin is created and the destination is left blank.

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Information to know

  • Payout destinations are configured per network, allowing you to choose between fiat or crypto settlement on each supported network.
  • Please check our fiat settlement documentation for supported networks and tokens, as not all networks and tokens are available for off-ramping.

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Crypto Settlement

For crypto settlement, simply specify per network: settlementType: crypto
walletAddress: The blockchain wallet address where payments will be sent (must be a valid address for the specified network) That’s all that’s required for crypto settlement

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Fiat Settlement

Loop’s off-ramping process is designed to be completely automated once initial setup is complete:
  • Setup: Merchant completes KYC/KYB verification and provides bank account information
  • Wallet Creation: Loop automatically creates a dedicated wallet that is permanently linked to the merchant’s bank account
  • Automatic Sweeping: Every 24 hours, all funds are swept from the merchant’s wallet and automatically converted to fiat
  • Bank Transfer: Converted funds are immediately transferred to the linked bank account
This process requires no merchant intervention once configured. Manual off-ramp initiation is also available upon request for merchants who prefer more control over timing.

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Merchant Creation and Configuration

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Creating the Merchant

  • Create a merchant in Loop and configure settlementType: fiat
  • Payout destinations are configured per network
Pass the fiatSettlementSettings object to initiate the KYB verification process.
  • Entity type: Business or individual
  • Name: Required field for individuals (provide their legal name)
  • Email: Optional field, defaults to the merchant’s email address if not provided

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API Response

Upon successful merchant creation, you’ll receive:
  • kycLink: Direct link to the KYC/B documentation process. Merchants must complete this for off-ramp functionality to be enabled
  • bankAccountFormLink: External link to the bank account setup form. Redirect users to this link to add their banking information.
Additionally, Loop will automatically create a wallet where crypto is sent to for off-ramping

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Status Monitoring

Use the GET merchant endpoint to query KYC/KYB status:
  • Pending: Documentation under review
  • Approved: Ready for off-ramping
  • Rejected: Additional documentation or corrections required
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