Yesterday, Aave announced a few exciting new features on their app. One of them was the ability to deposit fiat and get aTokens directly in your wallet in one step, via Transak. We wanted to dig in a bit more about why this is so important for DeFi.
The Problem We Are Solving
Not so long ago, the journey for getting into a yield earning token was long and treacherous. It looked something like this:
The user has to go through 3 separate steps in order to get a yield-earning token in their wallet. This not only takes time and effort — it also costs. Every step the user takes, they are paying fees and spreads.
The Solution
You can now deposit fiat with Transak in 32 different countries and get yield-earning tokens in your wallet in 1 step. All of this and only 0.5% commission for bank transfer payments.
How it Works
Transak has it’s own smart contracts and when you deposit fiat it automatically mints yield-earning tokens and delivers them directly to your wallet. We take all the complexity of what’s going on and make it simple for the user — fiat in -> result out.
How to integrate Transak into your application
You can integrate the Transak fiat <-> crypto payment gateway into your app too, just like Aave. To get started follow these steps:
- check out our API and widget integration docs: https://www.notion.so/transak/Integrate-Transak-f43cbb5dc7fa4d068a044ef9589879bf
- create a partner account and get an API key: https://dashboard.transak.com/
- if you have any technical questions then you can ask on our Discord server: https://discord.gg/FVNKSWz
About Transak
Transak is a developer integration for a fiat-to-crypto payment gateway. It does this by aggregating local compliance, payment methods, and liquidity from around the world. Transak is backed by Consensys and graduated from the Tachyon accelerator program.
