Transak receives investment from Consensys and graduates from the Tachyon accelerator program.
Transak receives investment from Consensys and graduates from the Tachyon accelerator program. Consensys, the global blockchain company founded by Ethereum co-founder, Joseph Lubin, has incubated and invested in more than 100 projects and companies, including key pillars of the Ethereum ecosystem — Infura, Metamask, Truffle Suite, Pegasys, and Nuo. Consensys launched the Tachyon accelerator program to bring together a highly selective group of Web 3.0 and Blockchain startups. Transak’s founders Sami Start and Yeshu Agarwal joined the 3rd cohort of the accelerator program that had decentralized finance as its theme.
Transak’s journey through the accelerator program
The Tachyon program was split into 3 phases: problem, traction, and storytelling. In the problem phase, we used evidence from customer conversations to narrow our focus. We had to make sure everything we were building was only to solve customer problems. This meant having some hard conversations and removing/postponing parts of our product and business plan. It also led to some exciting conversations where we narrowed in on a big customer pain point. Our customer conversations generated a set of requirements for the product we should build and distribute:
- Applications using crypto need a way to accept fiat deposits and withdrawals from their end-users, also known as fiat on/off-ramp
- These apps have a global audience so they need global coverage with localized payment methods
- They want low fees
- They want an easy integration without having to hack together multiple on-ramps for different regions
- They want a good user experience for their end-users, with high conversion rates
Transak’s founders Yeshu Agarwal and Sami Start began to divide the roles in the next phase: traction. Yeshu got down to building the product whilst Sami began contacting decentralized applications and wallets as potential customers. We built an early version of the product that allowed end-users to buy ETH and stable coins in the UK and India. We gained a crazy amount of traction from apps and wallets. We knew we were onto something big and we had to get ready for scale in the throughput of transactions and technical integration of our customers.
The next phase was storytelling. For us, building and refining our pitch gave us crystal clarity on our business, the opportunities in front of us and the risks. By condensing our thoughts into a 5-minute pitch we gained the opportunity to fully communicate our shared vision as co-founders to each other. Every week we would pitch the Tachyon team and mentors and investors from the Tachyon and get grilled on any questions or concerns in our business.
It all culminated on a final investor day. This was an intensive day filled with over 20 15-minute meetings with investors. We received extremely positive feedback from investors and went on to a very successful launch.
We want to say a big thank you to the Tachyon team. Working with them has helped to accelerate our business faster than we could have ever imagined. Launching a business in the crypto domain is a specialized endeavor and we can’t think of a better partner than Tachyon and ConsenSys to do it with. We highly recommend any early-stage blockchain and web 3.0 companies to apply to the upcoming cohort.
Transak is a single integration for applications to accept fiat-to-crypto deposits and withdrawals from a global user base. It does this by aggregating fiat on-ramps from around the world and abstracting away the complexity of local compliance, payment methods, and operations. The Transak product is a widget integration that can be integrated into an app in just a few lines of code. Transak is backed by Consensys and graduated from the Tachyon accelerator program.
To learn more about Transak, visit: https://transak.com/
To buy cryptocurrencies using your bank, visit: https://global.transak.com/
To integrate your own fiat on/off ramp, visit: https://transak.com/integrate
ConsenSys is a blockchain software technology company building infrastructure, tools, and products for institutions, enterprises, and developers on the Ethereum network. Since 2014, we have tokenized billions of dollars in digital assets, including a wide range of consumer products, stablecoins, real estate, and financial instruments. Our core products — MetaMask, Codefi, PegaSys, and Infura — serve hundreds of thousands of users, ranging from central banks and major financial institutions to developers and retail users of the Ethereum mainnet. As an Ethereum venture production studio, ConsenSys has seeded over 100 companies with more than $100 million in investment since 2016. Our mission is to build a more trustworthy foundation to unlock new business models, gain efficiencies through a shared IT infrastructure, and utilize modern cryptographic methods to safeguard private user data.