Transak 2020 in Review

  • Graduated from the Consensys Tachyon accelerator program
  • Released our product at ETH Denver
  • Gained traction and grew our volumes into the millions per month
  • Raised our seed round
  • Expanded the team from just 2 founders to 10 people
  • Partnered with the largest blockchain apps, such as Metamask and Aave

Volume and User Metrics Grew Exponentially

Transak experienced rapid growth in volumes this year. A surge in July came from a successful partnership in selling ERD, followed by a yield-farming craze when gas prices soared. From August we started to see some sustainable volumes coming from a range of sources such as Metamask and Polymarket. As of writing, we are expecting our volumes to more than double for January 2021 from December 2020.

Transak shipped a unique fiat-to-any-ERC-20 functionality

We integrated with DEXs and other crypto-to-crypto exchanges to support any ERC-20 token (yes, any!) as well as 100s of other assets. This allowed our partner Aave to on-ramp their customers directly to a-tokens in their wallet from fiat using Transak. We also shipped a native integration into Matic network, so that customers can on-ramp directly into layer 2, and bypass layer 1 gas fees and mining times altogether! A huge win for our partner Polymarket, who uses Transak and Matic to provide a world-class user experience.

We raised our seed round

Transak graduated from the Tachyon accelerator (by Consensys) and we then raised our seed round, with investment from IOSG, Lunex, Blockrock, The LAO, Koji Capital, and angels Suji Yan (CEO of Maskbook) and Li Gong (Partner at Youbi Capital), and follow on investment from Consensys.

We Grew our Team to 10 People

In 2020 we grew our team to 2 Customer Support & Operations, 4 Software Engineers, 1 Compliance Officer, 1 Head of Growth, and 2 Founders. We have assembled an incredibly strong core team that is building our product and growth at an ever-increasing rate. I’m inspired to work with these people and feel confident that we can do great things together in 2021. We plan to grow our team to more than 50 people in 2021, and you can see our careers page for our open positions.

In 2021 is for Scaling and Exploring Decentralised Finance

In 2021 we plan to expand to more fiat payment methods, integrate with more blockchains and protocols, refine and scale our core processing engine, as well as explore new markets that are built on top of fiat-to-crypto payments. We look forward to growing collaboratively with others in the industry, as well as forging partnerships in industries outside of the crypto world, in order to take decentralised finance, and Transak mainstream.

  • Off-ramp (already in beta)
  • Improved conversion rates for card payments (currently testing)
  • Interac payment system (Canada)
  • ACH payments (USA)
  • Direct integrations for more blockchain and layer 2 protocols
  • Gas optimization
  • South-East Asia coverage
  • Improvements to partner dashboard, including increased analytics and self-serve for account parameters and pay-out

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