When new users explore cryptocurrency exchanges or wallets, one of their primary concerns is whether they can buy cryptocurrency using their local fiat currency. If a platform doesn’t support fiat transactions or complicates the process, users are likely to move on to another service. Many platforms avoid offering buy and sell features due to the legal complexities of handling fiat transactions and the stringent Know Your Customer (KYC) requirements. However, Transak can be incredibly helpful in solving these challenges by offering a seamless, compliant solution for fiat-to-crypto transactions.

Transak provides exchange and business platforms with easy integration, enabling users to buy and sell cryptocurrency using local fiat currencies in over 169 countries. It supports multiple payment methods, such as credit/debit cards, bank transfers, etc. By handling the KYC processes, Transak lifts the burden of compliance from platforms, ensuring that all user verifications meet global regulatory standards.

What is Transak?

Transak is a toolkit that facilitates seamless fiat-to-crypto on-ramping, allowing users to easily purchase cryptocurrencies using traditional payment methods like credit cards, bank transfers, or other fiat gateways. It’s designed to integrate with apps, wallets, and DeFi platforms, offering a user-friendly interface for individual users and developers looking to incorporate crypto purchasing within their dApp, protocol, game, or wallet app. Using the Transak toolkit, platforms can enable users to buy and sell cryptocurrency without implementing their own Know Your Customer (KYC) process. Transak handles the KYC verification directly, ensuring compliance with regulations while simplifying business integration.

Transak’s History Background

Transak was founded in 2019 and is a global web3 infrastructure services provider with registered entities in the USA, the UK, Canada, Australia, Poland, India, UAE, and Hong Kong. The platform is backed by some of the best investors, such as SBI Ven Capital, 3KVC, ISTRI Venture, Zilliqua Capital, WOODSTOCK, Suji Yan, founder of Mask Network, and Sandeep Nailwal, co-founder of Polygon. The leadership team includes 15 members, led by co-founders Sami Start (CEO) and Yeshu Agrwal (CTO).

Transak’s Main Use Cases

The main aim of Transak is to allow partners to integrate fiat-to-crypto and crypto-to-fiat buy and sell functionalities into their platforms. This flexibility allows any business willing to engage with cryptocurrency. Here are some uses:

Gaming

Transak’s On-Ramp functionality offers significant advantages for Web3 gaming platforms, helping them unlock new potential by providing seamless and customizable on- and off-ramp solutions. By integrating Transak, gaming Dapps can:

• Attract Non-Crypto Users: With easy self-serve integration, Web3 gaming platforms can lower the barrier to entry for non-crypto users, allowing them to purchase in-game tokens and NFTs using familiar payment methods such as debit/credit cards and 20+ payment methods.
• Buy In-Game Assets: Users can buy in-game tokens or NFTs directly through fiat payments, eliminating the need to first acquire cryptocurrency on exchanges. This streamlines the process and makes onboarding smoother.
• Interact with Smart Contracts: Transak also enables users to interact directly with smart contracts, making it possible to stake, swap, or perform other in-game blockchain transactions.

Exchange

Cryptocurrency exchange providers can integrate Transak to allow users to buy and sell cryptocurrency effortlessly without needing to manage the complexities of payment processing or the KYC process. Transak takes care of compliance, verification, and transaction handling. Several exchanges, including Bitcoin.com, Changelly, LBank, and ChangeNow, already utilize Transak’s services. Currently, Transak is registered in Canada, USA, UK, UAE, India, Hong Kong, and EU regions, enabling it to offer services. Here’s how Transak provides flexibility and user-centric features:

• Multi-level KYC to onboard 2X users.
• Highly customizable SDKs for all major platforms and languages.
• Let users skip re-doing their KYC if verified on your exchange.
• Benefit from customized rates that cater to your specific market needs & offer the best rates to your users.
• Easy plug-and-play to integrate the widget just as you need it. Set default currencies, themes, colors and a lot more.

Wallet

In addition to cryptocurrency exchanges, wallets can integrate Transak to allow users to buy and sell cryptocurrency directly within the wallet interface. Popular wallets like MetaMask, Trust Wallet, Ledger, and Coinbase Wallet already leverage Transak’s services to offer a seamless user experience for acquiring and liquidating crypto assets.

KYC Solution

Managing user data in relation to compliance and security can be a challenge for platforms offering crypto buy-and-sell services. Transak addresses this issue by handling sensitive user information and managing the compliance process.

• It supports multi-level KYC, enabling platforms to onboard a wider range of users by offering tiered verification levels.
• Transak handles the entire Know Your Customer (KYC) process, allowing users to verify their identity quickly and easily.
• Transak is registered in various regions, including Canada, USA, UK, UAE, India, Hong Kong, and EU, ensuring compliance with local and international regulatory standards.
• If users have already completed KYC on another platform using Transak, they can skip the process when interacting again.

Transak Products

Transak offers a suite of tools designed to simplify fiat-to-crypto and crypto-to-fiat transactions. Below is an overview of their key offerings:

On Ramp

Transak’s On Ramp feature enables partners to allow users to buy cryptocurrency directly through their app or website. This functionality supports over 170 cryptocurrencies across over 75 blockchains and offers various payment methods, including cards, bank transfers, and other options. Transak operates in 169 countries, providing the flexibility to transact in different fiat currencies, making it a versatile solution for global crypto purchases. Some of its features include:

• Sourcing liquidity from 10+ to offer the best price.
• Bank transfer and local payment method in 165+ countries.
• Strong risk engine with less than 0.05 fraud rate.
• Transak KYC is shared with the partner for seamless onboarding.

Here’s how Transak’s buy crypto process works when users proceed from a partner app or website.

1. Order Placement: The user selects their preferred fiat currency and the cryptocurrency they wish to purchase, then chooses a payment method.
2. KYC Verification: If this is the user’s first time using Transak, they must go through the platform’s KYC process for identity verification.
3. Fiat Payment: Transak processes the fiat payment from the user.
4. Crypto Conversion: Transak converts the fiat into the selected cryptocurrency.
5. Crypto Delivery: The cryptocurrency is sent directly to the user’s wallet or partner wallet.

Off Ramp

The Transak Off-Ramp solution addresses a critical challenge users face when they want to convert their cryptocurrency into fiat. This functionality allows businesses and crypto platforms to offer their users the ability to sell cryptocurrencies for fiat currency in just a few minutes. Through Transak Off-Ramp, users can liquidate over 40 major cryptocurrencies, including USDC, across four major chains.

Several leading platforms, such as MetaMask, TrustWallet, 1Inch, and Beefy Finance, already utilize Transak’s Off-Ramp solution. The key features of this functionality include:

• Direct wallet to your bank account. No intermediaries, hence Instant transfer.
• Transak charges only 1% per transaction. Partners have the option to apply their own fee.
• Highly customizable, secure & self-serve SDK.
• Robust risk engine with < 0.05% fraud rate.

This solution is ideal for platforms looking to enhance their service offerings by simplifying the crypto liquidation process for their users.

Transak One

Transak’s solution effectively addresses the issue of users lacking gas fees for transactions by enabling them to send cryptocurrency directly to a smart contract using bank transfers or cards. This eliminates the need for users to hold gas tokens or deal with the complexities of blockchain transactions when interacting with a Dapp. Currently, Transak One supports six major EVM-compatible blockchains: Arbitrum, Binance Smart Chain, Ethereum, Immutable Zk-EVM, Polygon, and Optimism. Partners can leverage this multi-chain support in the following use cases:

• DeFi Integrations: Users can easily stake, swap, or deposit tokens on DeFi platforms operating on these blockchains, such as staking Ethereum-based Lido or swapping tokens on Uniswap.
• DEX Trading: DEX platforms built on Polygon or Binance Smart Chain can allow users to deposit crypto and start trading directly from fiat without pre-funding their wallets with gas tokens.
• Crypto Gaming: Games built on Immutable Zk-EVM or Polygon can enable users to purchase in-game tokens using fiat and interact with smart contracts seamlessly within the game.
• NFT Marketplaces: NFT platforms on Arbitrum or Ethereum can let users purchase NFTs using fiat, streamlining the onboarding process for users unfamiliar with cryptocurrency transactions.
• Dapps Across Vertical Markets: Whether social dApps on Optimism, loyalty and rewards on Polygon, or any other dApps, partners can use Transak One to onboard users effortlessly by allowing fiat payments to interact with smart contracts.

• Purchase the specific token required for the Dapp with either fiat or cryptocurrency.
• Purchase the native cryptocurrency with fiat to pay transaction (gas) fees.
• Send both cryptocurrencies to their personal wallet (if bought from a centralized exchange or both tokens are present in different wallets).
• Trigger an approval transaction to give the Dapp permission to use their tokens.
• Then interact with the Dapp protocol using their wallet.

NFT Checkout

With NFT Checkout, partners can enable global users to buy NFTs directly on a Dapp using payment methods like credit/debit cards, Apple Pay, or Google Pay. This solution supports major NFT chains and all EVM-compatible chains, simplifying the process by eliminating the need for users to first acquire cryptocurrency or deal with complex blockchain transactions.

Key features of the NFT Checkout solution:

• Supports NFTs on all major NFT and EVM-compatible chains.
• No need for users to add crypto to their wallets or sign complicated transactions.
• Works with all ERC-721, ERC-721A, and ERC-1155 compliant smart contracts.

By integrating NFT Checkout, platforms can provide a user-friendly experience, allowing seamless NFT purchases for a wider audience without requiring prior knowledge of crypto wallets or blockchain intricacies.

Corporate On/Off Ramp

Businesses that want to engage with cryptocurrency can leverage Transak to enable users to seamlessly buy and sell crypto with fiat currency globally, often within just a few hours. Transak’s corporate on/off-ramp services are licensed across key markets, ensuring businesses receive regulatory support to operate smoothly in multiple regions.

Transak supports many popular payment methods, including Faster Payment, SEPA, and Wire Transfer, allowing users to easily transact using their local currency. Additionally, Transak’s vast network of liquidity partners with over ten major exchanges guarantees that businesses and users alike receive optimal value for every transaction.

Conclusion

Transak can be helpful for businesses, crypto exchanges, and wallets looking to simplify the process of buying and selling cryptocurrency. It offers an easy-to-integrate toolkit that manages fiat-to-crypto transactions, KYC compliance, and global regulatory requirements. In addition to its buy-and-sell functionality, Transak offers features like NFT Checkout and Transak One that further enhance the user experience.