BTC Proxy
  • BTC Proxy Documentation
  • Getting Started
    • What is BTC Proxy?
    • Current Challenges
    • Features
    • The Proxy Relay
    • BTC Proxy Advantages
    • Use Cases
    • User Interface & Navigation
    • On-Chain Transfer Restrictions
    • Fees
    • Minimizing Transaction Risks
  • Minting
    • How to Mint Video
    • What is Minting?
    • Minting Sequence
    • BTC Proxy Mint Interface
    • How to Mint?
  • Redeeming
    • How to Redeem Video
    • What is Redeeming/Burning?
    • Burning Sequence
    • BTC Proxy Redeem Interface
    • How to Redeem?
  • Custody
    • What is Custody?
    • Custodian Wallet Setup
    • Transferring Funds from Cold to Hot Wallets
    • Insured Custody
    • Regulated
    • Integration
  • PRXY Token
    • What is PRXY Token
    • Tokenomics
    • Functions of PRXY
    • Allocation
    • Roadmap
    • Legally Binding
  • BTC Proxy DeFi
    • Bitcoin Farming
    • Compound Staking
    • Treasury Bonds
    • Programs
    • Redux
  • Contract Addresses
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  1. Redeeming

How to Redeem?

Explains the Redemption sequence of BTCpx

PreviousBTC Proxy Redeem InterfaceNextCustody

Last updated 4 years ago

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The steps involved in burning/redeeming a Bitcoin proxy are explained below:

Navigate to the Redeem page of BTC Proxy and connect your ETH Wallet

  • Enter Amount of BTCpx - The first step in burning your BTCpx is to enter the amount of BTCpx that you want to redeem. Enter the amount of BTCpx you want to burn. The available BTCpx will be displayed. If you want to burn your maximum available BTCpx, click Use Max.

  • Confirm Bitcoin Address - The next step is to confirm your Bitcoin address. This is the address you want to the BTC to be sent so make sure it is correct. If you are on mobile you may use the Camera Icon to open your camera to scan the QR code. Confirm the BTC wallet address, review the minting fee and Bitcoin network fee, and click Next.

  • Receive your BTC - This step will pop up Metamask to prompt you to pay the Gas Fees for burning the BTCpx. Once you confirm the BTCpx will be burned and the BTC will be sent from the custodian to your confirmed BTC wallet address. This process of receiving your BTC may take some time as large amounts will be manually processed by the custodian. You can always check the status of your transaction in the Notifications section.