Transak – Bridging fiat users to cryptocurrencies

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What is Transak?

Transak generally provides a payment gateway and banking solution for cryptocurrencies. It started with the idea and objective to allow web2-to-web3 conversion for apps of the next generation. Using the onboarding funnel, Transak is intended to activate a global fiat on/off-ramp and to solve the challenges faced by users in accessing cryptos. It is basically a platform that can be used by developers and users for a fiat-to-crypto payment system.

How does Transak work?

Transak integrates the common components of the payment system like payment methods, liquidity and local compliance that will give mainstream investors and traders more access to blockchains and cryptocurrencies. It must be noted that most traders still prefer to use fiat currencies to transfer their assets. Smart contracts at times face the problem of not being able to natively access external systems which are among the main restrictions for interacting with fiat payment gateways that can be solved through Transak.

What can be done through Transak?

With Transak, firms can use it as a payment gateway for cryptocurrencies. This means that merchants are able to receive payments from customers who wish to use crypto assets for goods and services. On top of that, they can also use bank transfers to buy and sell digital currencies.

What is the background of Transak?

Transak was founded in 2019. It is based in London, the United Kingdom with a seed funding of US$660,000 in March 2021. The company was founded by entrepreneurs Sami Start, Yeshu Agarwal. The intention was to bridge the gap for end-users who are looking to buy crypto so that they can use blockchain applications directly to their wallet.

Is Transak available worldwide?

To date (August 2021), Transak is available in more than 60 countries worldwide. This is expected to grow before the year ends. It has since been reported that Transak is working closely with WazirX and Matic Network in India to further expand its reach. It supports more than 200 cryptocurrencies and fiat payments and more than 10 types of fiat currencies.

What does Transak allow users to do?

Users can access cryptos using fiat currencies through Transak and its smart contract platform. This is where they can use blockchain applications, make payments and notably DeFi (Decentralized Finance). In the near future,  it is expected that this platform will continue to expand very rapidly and Transak is riding on this by integrating with more blockchains and allow more fiat currency payments.

Is Transak connected with smart contracts?

Yes. Transak recently announced that it will be integrating with Chainlink which will see the platform accessible to smart contracts. This is where the external adapter technology by Chainlink will allow the nodes to be connected directly to Transak’s API.

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