The 🇺🇸 US, 🇪🇺 European Residents (and many more countries) can now use Debit Card to Purchase 300+ Cryptocurrencies on Transak through a partnership with Wyre
Today we’re excited to announce that through a partnership between Wyre and Transak.
Users from Australia 🇦🇺 , Austria 🇦🇹 , Belgium 🇧🇪 , Canada 🇨🇦 , Cyprus 🇨🇾 , Czech Republic 🇨🇿 , Denmark 🇩🇰 , Estonia 🇪🇪 , Finland 🇫🇮 , France 🇫🇷 , Germany 🇩🇪 , Greece 🇬🇷 , Hong Kong 🇭🇰 , Ireland 🇮🇪 , Italy 🇮🇹 , Latvia 🇱🇻 , Luxembourg 🇱🇺 , Malta 🇲🇹 , Mexico 🇲🇽 , Netherlands 🇳🇱 , New Zealand 🇳🇿 , Norway 🇳🇴 , Poland 🇵🇱 , Portugal 🇵🇹 , Slovakia 🇸🇰 , Slovenia 🇸🇮 , Spain 🇪🇸 , Sweden 🇸🇪 , Switzerland 🇨🇭 , United Kingdom 🇬🇧 & the United States of America 🇺🇸 can now use Debit Card to purchase 300+ Cryptocurrencies.
Before Transak’s integration with Wyre, if a US user wanted to acquire a more obscure cryptocurrency, such as a Token Set or Decred, they had to jump through numerous hurdles. First, they had to register with a centralized exchange providing sensitive personal information such as a valid driver license and SSN. Next, if that exchange didn’t have the token they wanted, they then had to ship it off to another exchange that did or to a wallet that could work with a DEX. Now, this inconvenient process is performed in a few minutes with just a few clicks and without the invasive KYC process.
Now, we are live in 32 countries, supporting 14 fiat currencies & 300+ cryptocurrencies. You can learn more about our coverage, payment methods and fee using below link:-
How it works
Users will head to https://global.transak.com/ enter the total amount, type of cryptocurrency they want to purchase, and an address where the cryptocurrency is sent.
Transak uses smart contracts to connect the end-user to liquidity on centralized and decentralized exchanges.
Users will have to input simple KYC information, but the process from start to finish will take less than 5 minutes.
📖 Story
Transak got to know Wyre through meeting at Stanford Blockchain Week 2020. Transak Co-founders Sami and Yeshu met and chatted for hours with Jack Jia, who is Head of Partnerships at Wyre. Transak and Wyre connected over a shared mission to move the DeFi space forward with easy onboarding from fiat.
Wyre has been working hard over the last few years to enable developers and companies in the crypto space easy fiat on/off-ramping. Wyre works with just a handful of cryptocurrencies, Bitcoin, Ethereum, DAI, USDC, and Liquid Bitcoin (L-BTC). One of the most requested features from Wyre partners and users is the addition of other cryptocurrencies. Earlier this year at ETHDenver, the Totle team created the base of this project with their Hackathon entry called DeFiat. Transak used this as part of their integration with Wyre and powers the conversion of fiat to any ERC20 tokens.
Transak extended this and integrated liquidity from more than 10 different decentralized and centralized crypto-to-crypto exchanges. Liquidity flows from Wyre, through Transak’s easy-to-use UX and production-grade smart contracts. The result is the fastest and easiest way to buy over 200 cryptocurrencies with fiat and can be found here: https://global.transak.com/
Real-world use — buy Token Sets directly with fiat
TokenSets provides a way to invest in an automated asset management strategy through buying a single token — a ‘token set’. The previously accepted way of accessing this is to buy ETH on a 3rd-party exchange and then return to the TokenSets website and buy a set using that ETH.
Now, it is possible for a user to invest in TokenSets in a single step, through a single interface using Transak. This is a step towards making awesome DeFi apps like this accessible to a mainstream audience.
Limits
“We are excited to take this big step forward together with Wyre. The DeFi space needs a UX face-lift in 2020 and fiat-to-crypto onboarding will play a big role in that.”
Quote from Sami Start, Transak Co-Founder and CEO
This is an important step for the industry and a great example of money legos. Wyre is focused on fiat/compliance, Totle is focused on onchain liquidity aggregation, and Transak brings the two together with the best user experience. Excited for this rollout!
Quote from Jack Jia, Head of Partnerships at Wyre
“Transak offers the most user-friendly onboarding mechanism in defi and the broader crypto space. Totle is thrilled to be apart of this effort by extending access to any ERC-20. With the addition of Wyre’s functionality to Transak’s suite of tools, users can now exchange USD directly to any token!”
Quote from David Bleznak, CEO of Totle
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.
About Wyre
Wyre is focused on lowering the barriers to entry for fintech entrepreneurs around the world. The central hypothesis is that if we can increase the velocity, we can grow the industry at a pace we haven’t seen before. Crypto companies have a hard time doing business in a fiat world, and it’s our goal to make it as easy as possible.
