Introduction to Phoenix
Phoenix Market is a trust-minimized P2P marketplace that allows peers to quickly and securely swap between USD and USDC without the need for KYC.
Phoenix is the fastest P2P marketplace for USD-USDC transactions. Because we never take custody of funds, Phoenix is the first P2P solution that allows users to quickly onramp with Zelle payments without KYC.
Phoenix Market does not hold or transmit fiat at any point in time. Phoenix maintains a non-money transmitter status while enforcing AML compliance via Anchain.ai to prevent interaction with sanctioned funds.
How It Works
Smart Contract Escrow
Sellers lock their USDC in an escrow smart contract
Payment Initiation
The buyer initiates a Zelle transfer through our provided webapp component
Payment Verification
Phoenix uses Teller to verify that the USD payment has been made, upon which the USDC is automatically released to the buyer from escrow
Transaction Completion
The buyer receives their USDC in under a minute to their provided wallet address
Key Benefits for Your Business
Instant On & Off-Ramp
Offer crypto access to your complex without complex exchange integrations
Regulatory Compliance
Orders executed through proper banking channels with appropriate compliance measures
Accessibility
Over 80% of Americans have access to Zelle
Increased Revenue
Increase the volume of transactions to your product
Customer Retention
Meet growing demand for crypto services within your existing platform
Payment Flows
Phoenix supports two payment flows to accommodate different user scenarios:
Seamless Bank Integration
Users can log in to their supported bank directly within the payment interface. The Zelle payment will be automatically executed on their behalf, creating a frictionless experience.
Supported Banks:
If you attempt to select an unsupported bank (i.e., one without Zelle functionality), you will be automatically redirected to the Manual Zelle Payment flow.
Security & Data Protection
Phoenix implements multiple layers of security for automated payments:
Technical Security Measures
- We establish secure mutual TLS (mTLS) connections with Teller for all banking operations
- All API endpoints use TLS encryption for data in transit
- Strict rate limiting and request validation prevent automated attacks
- Each transaction uses a one-time access token generated by Teller
- Access tokens cannot be reused, ensuring each banking session is isolated
Banking Integration Security
- When a user initiates a payment:
- A secure mTLS connection is established with Teller
- The user is redirected to Teller’s secure login page
- Bank credentials are entered directly on Teller’s interface
- During authentication:
- The bank may require 2FA based on their security policies
- All authentication happens directly between the user and Teller
- Phoenix never sees or handles login credentials
Seamless Bank Integration
Users can log in to their supported bank directly within the payment interface. The Zelle payment will be automatically executed on their behalf, creating a frictionless experience.
Supported Banks:
If you attempt to select an unsupported bank (i.e., one without Zelle functionality), you will be automatically redirected to the Manual Zelle Payment flow.
Security & Data Protection
Phoenix implements multiple layers of security for automated payments:
Technical Security Measures
- We establish secure mutual TLS (mTLS) connections with Teller for all banking operations
- All API endpoints use TLS encryption for data in transit
- Strict rate limiting and request validation prevent automated attacks
- Each transaction uses a one-time access token generated by Teller
- Access tokens cannot be reused, ensuring each banking session is isolated
Banking Integration Security
- When a user initiates a payment:
- A secure mTLS connection is established with Teller
- The user is redirected to Teller’s secure login page
- Bank credentials are entered directly on Teller’s interface
- During authentication:
- The bank may require 2FA based on their security policies
- All authentication happens directly between the user and Teller
- Phoenix never sees or handles login credentials
Universal Compatibility
For users without supported banks or those who encounter MFA issues, we offer a manual payment option. Users will:
- Open their banking app
- Make the Zelle payment manually to the provided recipient
- Return to Phoenix where we verify the payment
- Once verified, USDC is automatically released from escrow
For security and transaction verification, we add a unique random number of cents (between $0.00 and $0.20) to each transaction amount. The user will receive these addition cents in USDC. This is not a fee.
Security & Data Protection
Phoenix implements multiple layers of security for manual payments:
Technical Security Measures
- All API endpoints use TLS encryption for data in transit
- Strict rate limiting and request validation prevent automated attacks
- Payment verification is done securely through Teller
Transaction Security
- When a user initiates a payment:
-
User is prompted to confirm the payment details
-
A unique transaction identifier is generated
-
- During verification:
- Phoenix verifies the payment securely through Teller
- The smart contract automatically releases USDC upon confirmation
- All transaction data is validated before processing
Both payment flows maintain the same security and verification standards, ensuring safe and compliant transactions regardless of which method your users choose.
Fraud Prevention
- Integration with Anchain.ai provides advanced blockchain analytics and fraud detection
- Real-time monitoring of all transactions for suspicious patterns
- Automated screening against known fraudulent addresses
- Prevention of interaction with sanctioned funds or addresses
- Compliance with AML (Anti-Money Laundering) regulations
- Risk scoring for all incoming and outgoing transactions