Vibrant is not a bank or a financial institution; we do not hold your money. Instead, we partner with digital asset issuers and financial institutions that issue digital assets backed by local currency such as AnchorUSD for American Dollars, or Settle for Argentinian Pesos. These “anchors” will redeem their digital assets for local currency when you want to withdraw to your bank account If you use the “deposit” or “withdraw” feature on the Vibrant app, you’ll notice that you’ll need to register with whichever anchor is relevant to your transaction and complete their KYC processes to comply with anti-fraud and money laundering obligations. This process takes a few days, but don’t worry, you only have to input that information once per anchor.
On Vibrant, you are able to access competitive exchange rates quickly on the Stellar Network using the built-in decentralized exchange or “DEX”. You can find more information about the DEX here. You can also send, receive, and save using Stellar’s native currency, XLM, and can learn more about Stellar here.