U.K based fiat to-crypto payment gateway Transak launches services in India
based fiat-to-crypto payment gateway Transak is launching services in India.
According to statement made by the company, it claims to be the nation’s first
and only fiat on-ramp provider.
Transak is single integration for applications where the global users can make fiat-to-crypto deposits and withdrawals. It is providing services in India with the integration of UPI payments on platforms like Metamask, Ledger, Decentraland, WazirX NFT, Terra Station, Anchor, BitYard and Hiro. This payment gateway currently running its operations in more than 60 countries.
Global crypto adoption was accelerating in India, and Transak was keen to expand its presence there to support the next generation of Web3 developers. Sami Start, co-founder, Transak said, “India has shown an incredible appetite for Web3 applications and innovation alike. We are thrilled to empower Indian Web3 developers to create a smoother and seamless onboarding experience for their users. With Transak, Indian decentralised applications dApps can become apps making adoption easier than ever,”.
According to Yeshu Agarwal, co-founder of Transak, in order to strengthen their presence in India, they expanded India team with 150+ open positions across various functions along with expanding their partnership.
Arjun Kalsy, Vice President of Growth at Polygon and key partner for Transak, supported Transak’s move saying Polygon approach to scaling Ethereum will increase the network’s transaction processing speed and reduces gas fees exponentially. Still Web3 developers need to go through hassles for onboarding that needs existing cryptocurrency in users' wallets and fiat to crypto transactions which is complicated process. Transak's on-ramp infrastructure solve these problems.
In 2019, Transak was founded by Start and Agarwal. The firm’s mission was to make web3 applications accessible. According to Transak, the company hit an all-time high of $71 million in volume in January and an organic volume of $3.3 million in a single day. In addition, Transak build a team of more than 50 local talents. API driven fiat payment method has been enabled by Transak in over 100 countries, and with crypto asset on more than 30 blockchain. It made partnership with Web3 players like Polygon, WazirXNFT, MetaMask, Trust Wallet, Edge Wallet, Decentraland and 100+ application.
CBW - External Analyst