Transak supports on-ramp to Matic layer 2 sidechain in collaboration with Wyre
Transak supports on-ramp to Matic layer 2 sidechain in collaboration with Wyre
You can now buy tokens on the Matic layer 2 sidechain directly with fiat bank transfer or card payment. This is huge because:
- There are zero gas fees!
- Transaction settlement is instant after the fiat payment is complete.
- You have access to awesome applications built on top of the Matic Network.
Some examples of apps you can use on the Matic network with Transak are Polymarket, Decentraland, and Matic Wallet.
The supported tokens on Matic so far are: MATIC, USDC, DAI, USDT, and MANA.
Why we chose Matic Layer2 for our direct onramps
Matic has been getting phenomenal adoption since its mainnet went live in Beta. Currently, we believe that it is one of the fastest-growing Dapp platforms just by judging the amount of requests we have from the Dapps to provide direct onramps to Matic Layer2. We believe that Matic is one of the front runners in the Layer2 race has a good chance to solve some of the scalability woes of Ethereum
Partnership with Wyre
Transak has partnered with Wyre, who is powering card payments in countries all over the world. Wyre is a leading fiat infrastructure provider in crypto. Wyre has an established network of relationships with leading banks and exchanges. Using Wyre’s API, Transak has added credit and debit card payments in over 60 countries.
How it works
Transak integrates fiat payment methods from around the world such as bank transfers in the UK, Europe and India, and card payments in over 60 countries. It has a direct interface with Matic Network to send tokens on layer 2 with zero gas fees to your wallet.
Users can then use apps in the Matic ecosystem. For the full list of apps, see here: https://matic.network/dapps
Guide to on-ramping to Matic Layer2
You will need a Matic wallet for this (you can use your existing Ethereum wallet) — get set up at https://wallet.matic.network/. Now head to https://global.transak.com, change your cryptocurrency, and change the network to ‘MATIC NETWORK’.
Now, when you follow the steps to buy on Transak, the crypto will be delivered directly on the Matic sidechain to your wallet.
How to integrate with Transak
You can easily integrate Transak by copying and pasting the code for the widget into your application. There are many parameters to configure properties such as, styling, wallet address, default currency, and more. Find the widget docs here: http://integrate.transak.com/
Developers who want to build their own UI can use the backend API. Find the docs here: https://transak.stoplight.io/
How to integrate with Matic
Integrating with Matic is as simple as repointing your RPC to the Matic Mainnet.
Developers can deploy their existing Ethereum apps on Matic in under 15 minutes thanks to 100% EVM Compatibility. We often say, if you’re an Ethereum Developer, you’re already a Matic Developer!
Follow the instructions here: https://docs.matic.network/docs/develop/getting-started
“This announcement comes at a time when gas fees on the Ethereum main net have gotten out of control. We are proud to help users get into the Matic side-chain, to allow access to blockchain for less fees, faster loading times, and with the same level of security and decentralisation.”. — Sami Start, Transak Co-Founder and CEO
“Transak, being an aggregator of on-ramp providers, offers a wide geographical coverage, easy to integrate on-ramping solution to the application developers. Onramp solutions are very important to attract mainstream users to blockchain platforms and we believe Transak has a very important role to play in that. I am happy for many Dapps building on Matic to finally be accessible with fiat”. — Sandeep Nailwal, Matic Co-Founder and COO
“By providing the underlying infrastructure for compliance/kycaml and traditional web2 payments, Wyre is glad to support this collaborative effort for fiat to layer2. Transak and Matic have done a great contribution here to the industry, many hands truly make light work!” said Jack Jia, VP of Business at Wyre.
About Transak
Transak is a developer integration for a fiat-to-crypto payment gateway. It does this by integrating local compliance, payment methods, and liquidity from around the world. Transak is backed by Consensys, The LAO, Lunex, and Koji Capital.
About Matic
Matic Network is a Layer 2 scaling solution backed by Binance and Coinbase that is providing a generalized Layer 2 platform, enabling Ethereum developers to scale their DApps for large-scale usage. For the initial phase, we have launched our hybrid PoS+Plasma sidechain on top of Ethereum which is already gaining huge traction — making Matic one of the fastest-growing DApp platforms in the space.
About Wyre
Wyre is a regulated payment institution that connects fiat payment rails to blockchain ecosystems. Founded in 2013, Wyre has traded $5+ billion in cryptocurrency assets to date. Operating an intricate global payment infrastructure that includes relationships with regulated counterparties, Wyre has procured not only same-day settlements but deep liquidity at best pricing & execution. Wyre is also one of the few US-licensed money transmitters in the crypto space and is proactively compliant with regulations. Today, over 500 applications spread across the world trust Wyre with their global fiat & crypto operations. For more information, please visit www.sendwyre.com.
