# FAQ for Trading Firms Common questions from trading firms evaluating or onboarding to CBTC on Canton. This FAQ is compiled from sales conversations, partner calls, and Slack discussions. *** ## Fees and Costs ### What are the fees for minting and burning CBTC? Minting and burning fees are **currently waived.** This is subject to change in the future. Check with the BitSafe BD team for the latest fee schedule. ### Are there trading fees on the venues? Each venue sets its own fee structure: * **Elk / Trngle:** Negotiable spreads based on volume * **Temple Digital:** No platform fees currently * **Tradefast:** Standard AMM swap fees * **Bron:** Check venue documentation *** ## Anti-Gaming and Compliance ### What counts as "legitimate" trading activity? Strategies must involve **real economic risk.** This includes market making, arbitrage, inventory rebalancing, directional trading, lending, and liquidity provision. Each of these generates genuine market activity and is eligible for rewards. ### What activity is flagged or prohibited? Canton's tokenomics accountability process flags and shuts down **scripted back-and-forth transfers** (A to B to A) designed solely to farm rewards. If your strategy does not involve swapping into another asset, managing inventory risk, or providing liquidity, it will likely be flagged. ### Is CBTC available to US persons? No. CBTC is not available to US persons. Your firm must confirm non-US status as part of the onboarding process. *** ## Wallets and Infrastructure ### What wallet do I need? You need a **Canton-compatible wallet** that supports CBTC. Recommended options for institutional traders include Zoro (self-custody with SDK/API), Console (browser-based), Loop (web-based, open source SDK), and Cantor8 (enterprise custody with multi-sig). See the Canton DeFi Ecosystem guide for full details. ### Do I need to run a Canton validator node? Not necessarily. You can acquire CBTC via **OTC purchase** through Elk Capital or Trngle without running a node. However, if you want to **mint CBTC directly** from BTC, you will need a validator node. Multi-tenant validator options are available for firms that want node access without the full infrastructure build. ### Can I use multiple wallets? Yes. You can use multiple Canton-compatible wallets for trading CBTC across different venues. *** ## Venues and Trading ### Which venue should I choose? It depends on your trading style: * **Need institutional-size execution with custom pairs?** Elk / Trngle RFQ * **Want an order book with the best reward economics?** Temple Digital CLOB (40% bonus) * **Want fast deployment with familiar DeFi infra?** Tradefast AMM * **Want the simplest starting point?** Bron * **Prefer hands-off yield?** Temple Digital LP or SciFeCap SMA See **Selecting a Trading Venue** for the full comparison and decision guide. ### What trading pairs are available? The primary pairs are: * **CBTC / USDXLR** - Canton-native yield-bearing stablecoin (primary pair, earns rewards from both assets) * **CBTC / USDCx** - Cross-chain stablecoin * **CBTC / CC** - Canton Coin Availability varies by venue. Check the venue comparison table in **Selecting a Trading Venue**. ### Who are the current market participants? Active institutional counterparties on Canton include Elk Capital Markets, SciFeCap, HashKey Cloud, Desyn, IMC, QCP, and others. The trading firm pipeline is growing rapidly. *** ## Onboarding ### How long does onboarding take? Typically **1 to 2 weeks** from initial signup to first trade, depending on your firm's readiness, compliance review timeline, and chosen venue's integration requirements. ### What is the onboarding process? 1. Complete the CBTC signup form 2. Sign MSA and complete KYC/AML 3. Set up a Canton wallet 4. Acquire CBTC (OTC or direct mint) 5. Connect to your chosen venue 6. Start trading See the **Onboarding Checklist** for the full step-by-step guide. *** ## Security ### How is CBTC secured? CBTC uses **FROST threshold signatures** over Bitcoin UTXOs for decentralized custody. There is no single custodian. The Attestor Network collectively approves mints and burns using a threshold signing scheme. CBTC is fully 1:1 backed by BTC at all times. ### Has CBTC been audited? Yes. CBTC has been audited by **Quantstamp.** The full audit report is available at [certificate.quantstamp.com](https://certificate.quantstamp.com/). *** ## Getting Started > 📝 **Ready to start?** > > * [Complete the CBTC Signup Form](https://bitsafe.typeform.com/to/NsiwLKIY) > * Email: > * Read the **Onboarding Checklist** for the full step-by-step process *** > ℹī¸ **Disclosures** Target yields are not guaranteed. Canton Coin rewards depend on network activity, token economics, and market conditions. Strategies carry risk; conduct independent due diligence. CBTC is not available to US persons. This is not investment advice.