A deposit transaction is a process by which a user transfers funds from one platform to another in the form of cryptocurrency (or fiat currency). Deposits are typically made through a cryptocurrency exchange, cryptocurrency wallet, custodial provider, or a fiat-to-crypto on-ramp. Deposits are a type of blockchain transaction that frequently includes a transaction fee charged by the underlying blockchain network that is used to carry out the transaction. Deposits, like withdrawals, are commonly used to transfer assets between wallets and exchanges, as well as to exchange fiat (USD, EUR, JYP) between a bank account and a fiat on-ramp service provider.
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