The events of recent days have highlighted the importance of functioning and reliable on- and off-ramps.
Transak, a leading Web3 onboarding infrastructure provider, is taking a step in this direction, announcing the launch of its crypto-to-fiat off-ramping service. Let’s unpack.
What is Transak?
Transak is a leading Web3 onboarding infrastructure provider. Its API-driven solutions enable web3 platforms to onboard users to 130+ crypto assets from 125+ countries, abstracting away the complexity of user KYC, risk monitoring & compliance, payment methods, and customer support.
Transak’s On-Ramp widget can be integrated into an app in just a few lines of code. Transak is backed by top VCs, including Consensys, Animoca Brands, and graduated from the Tachyon accelerator program.
The team has just announced the launch of its new crypto-to-fiat off-ramping service.
Currently, the process of selling crypto is very long and involves risk. With this solution, a user just needs to access Transak from any of the leading dApps, choose a crypto asset, enter the amount they want to off-ramp, provide their bank account details and make the transaction.
This enables not only native users to move their funds but also gives non-native users the confidence to interact with web3, as now they have a clear path to liquidate their crypto holdings to fiat anytime.
The service currently supports 40+ crypto assets like Bitcoin, Ethereum, Solana, and also stablecoins like USDC and DAI across multiple chains.
Users from UK and EURO-supported countries can sell their crypto assets via Transak and transfer funds directly into their bank accounts, making the once multi-step and tiring process quite seamless.
The solution is currently available for all users in the UK and EURO-supported countries but will soon expand to 125+ countries like the US, India, and others that are already supported by Transak through its on-ramp solution.
Speaking on the matter was Yeshu Agarwal, CTO of Transak, who said:
We are very excited to announce the release of Transak’s off-ramp services, as we know how important it is for any industry to provide entry and exit options to its users. Without a simpler solution for such transactions, the adoption by mainstream users will always be limited.
Recently integrated by AAVE, Transak is already helping the user onboarding for Metamask, TrustWallet, Ledger, LBank, Decentraland, Splinterlands, Zed.run, Sushi, Quickswap, and others.