What is Fiat?
Fiat is the currency that you carry around in your wallet and in your bank account. It is United States Dollar (USD) or Great British Pound (GBP) or Honk Kong Dollar (HKD) – you get the idea.
When we refer to Fiat deposits or withdrawals, that means that you can deposit a currency such as USD into our platform, trade and then withdraw USD to your bank account.
In more crypto terms, MultiBank io, offers a Fiat on-ramp (deposit) and off-ramp (withdrawal). This is a fantastic feature that is not offered by many other exchanges.
In more technical terms, Fiat money is government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it.