Transfer from MPC Wallets (Organization-Controlled Wallets)

This article explains the withdrawal process for MPC Wallets (Organization-Controlled Wallets) and guides you through initiating withdrawals in Cobo Portal.

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Prerequisites

• It’s recommended that you set up an off-chain transaction policy to ensure transaction security.
• You have deposited funds into the Organization-Controlled Wallet.

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Withdrawal process

The diagram below outlines the withdrawal flow from an Organization-Controlled Wallet via both Cobo Portal and the WaaS API.

1. Initiate a withdrawal request: A spender initiates a withdrawal request via Cobo Portal or the WaaS API.
2. Double confirmation:
   • For Cobo Portal initiated withdrawals: Confirm the withdrawal on Cobo Guard.
   • For WaaS API initiated withdrawals: Your callback endpoint needs to respond with “ok” to confirm.
3. Risk control: If configured, transaction policies in Cobo Portal assess the withdrawal request. When manual review is required, approvers must approve the transaction on Cobo Guard.
4. Sign the transaction: A co-signer will be selected to sign the transaction based on their online status and other criteria. Ensure that at least one of your co-signers is online. You can check if a co-signer is online through Cobo Portal. For details, see Check co-signer status.
5. Broadcast the transaction: Cobo creates the transaction and broadcasts it to the network.

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Initiate a withdrawal

To make a transfer from an Organization-Controlled Wallets, log in to Cobo Portal and then click in the main menu on the left hand side.

Then, fill in the required information as follows:

1. Select the token type for the transfer. Selection is limited to tokens included in your organization’s subscription package. To enable a new token type (fees apply), see step 1 to 6 on Deposit from external wallets.
2. In the drop-down menu under From, select Organization-Controlled Wallets from MPC Wallets.
3. To find your wallet, select it from the drop-down menu or search by the address, vault name, wallet name, or label. MPC Wallets (Organization-Controlled Wallets) created via both Cobo Portal and WaaS 2.0 API will be listed.
4. Select a To address from your Address Book or your wallets on Cobo Portal, or manually enter an address.
   • Address Book: Only addresses associated with the blockchain network of the selected token will be listed.
   • My Wallets: Select a wallet type and then click on the specific wallet you would like to transfer to.
5. Enter the transfer amount. Please note that for DOT, XRP, or KSM tokens, a minimum balance must be maintained in the selected MPC Wallets (Organization-Controlled Wallets). For DOT, reserve a minimum of 1 DOT; for XRP, 10 XRP; and for KSM, 0.000333333 KSM.
6. Review the transaction cost. Network fees will be displayed in 3 tiers based on transaction speeds: slow, standard, and fast.
7. To adjust the fees, click the button highlighted below. All fields are mandatory and will be auto-populated based on the transaction speed you have selected. You may edit the parameters based on your specific requirements.
   • EVM chains: For EVM chains, transaction fees vary between the EIP1559 and Legacy methods.

     • EIP 1559

       • Under the EIP1559 method, users can customize 3 parameters: max priority fee (gwei), max fee, and gas limit.
       • The estimated fee is calculated by multiplying the max fee by the gas limit: (max fee * gas limit).
       • For Mantle and Optimism, the displayed fee amount pertains to Layer 2 only. After you submit the transaction, Layer 1 fees will be auto deducted from your source wallet address. Please ensure that your address has sufficient gas tokens to cover all fees.
       • There are no fees for Chiliz, whereas fees apply to Chiliz Chain 2.0.

       Parameter	Definition
       Max Priority Fee	The priority fee, often referred to as the ‘miner tip,’ serves as an incentive for miners to prioritize your transaction. The max priority fee represents the highest amount of miner tips you are willing to pay for your transaction.
       Max Fee	The max fee represents the total gas price you are willing to pay for your transaction.
       Gas Limit	The gas limit represents the max number of gas units you are willing to pay for the execution of a transaction or Ethereum Virtual Machine (EVM) operation. Different operations require varying quantities of gas units.

     • Legacy

       • Under the Legacy method, users can customize 2 parameters: gas price (gwei) and gas limit.
       • The estimated fee is calculated by multiplying the gas price by the gas limit: (gas price * gas limit).

       Parameter	Definition
       Gas Price	The gas price represents the amount of ETH (in a smaller unit known as gwei) that must be paid to validators for processing transactions.
       Gas Limit	The gas limit represents the max number of gas units you are willing to pay for the execution of a transaction or Ethereum Virtual Machine (EVM) operation.

   • UTXO-based chains

     • Users can customize the fee rate (sat/vByte).

     • The estimated fee is calculated by multiplying the fee rate by the transaction size: (fee rate * transaction size).

       Parameter	Definition
       Fee Rate	The fee rate is calculated in satoshis per unit of data that your transaction will consume on the blockchain, abbreviated as sats/vByte.

8. (Optional) Add a transaction category and description to identify this transfer more easily.
   • For Category, either create a new category or select from existing ones. Each transfer can be associated with a maximum of 5 categories. Note that once a category is added, it cannot be edited or deleted. Currently, Cobo Portal allows the creation of up to 200 categories.
     • To view the categories under your organization, click the profile icon in the bottom left corner, then select Organization > Transaction Categories.
   • For Description, add a description with a maximum limit of 100 characters.
9. Click Submit.

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Check co-signer status

To successfully sign a transaction, you need to ensure that at least one of your co-signers is online. The transaction will remain pending until it receives the necessary signature.

You can check if a co-signer is online through Cobo Portal:

1. Log in to Cobo Portal.
2. Click > MPC Wallets.
3. Select your vault and then click the Manage Share Management icon on the upper right hand corner.
4. In the Key Group Management page, locate your key share holder group, and check the status indicator next to each key share holder:
   • 🟢 Green dot: The co-signer is online and ready to sign transactions
   • No dot: The co-signer is offline and cannot sign transactions.