What is Deposit (Cryptocurrency Transaction)?

A deposit transaction is the process whereby a user deposits their funds in the form of cryptocurrency (or fiat currency) from one platform to another. Deposits are generally conducted from a cryptocurrency exchange, cryptocurrency wallet, custodial provider, or from a fiat-to-crypto on-ramp. Deposits are a type of blockchain transaction, and often come with a transaction fee that is charged by the underlying blockchain network being used to carry out the transaction. Deposits, along with withdrawals, are generally used to move assets between wallets and exchanges, and to exchange fiat (USD, EUR, JYP) between a bank account and fiat on-ramp service provider.