The FIAT on-ramp sees biggest quarter yet in the company’s history
MIAMI–(BUSINESS WIRE)–Transak, a single integration for applications to accept fiat-to-crypto deposits from a global user base, today announces a number of Q1 milestones as the company continues its positive growth trajectory within the Web3 market.
Founded in 2019 by Sami Start and Yeshu Agarwal, Transak’s mission is to make Web3 applications accessible to all. They do this with enterprise-grade developer tools that enable Web3 applications to onboard users from fiat to crypto, delivered directly to the user’s wallet. In January 2022, Transak celebrated an all-time high of $71 million in volume and hit a record of $3.3 million in organic transaction volume in one day.
As a part of their tremendous growth, Transak’s Q1 milestones include:
● Launch of Apple Pay as a payment option: Transak heard its partners and launched Apple Pay as a payment feature continuing with its mission of making crypto more accessible. Apple Pay is one of the most popular payment methods available, with more than 507 million registered users and 16% of the global smartphone market share.
● Transak is now available for use in 125 countries: The accessibility of Transak has grown 40% in the last quarter alone. New countries added include Belize, Cameroon, Guatemala, Hong Kong, Madagascar, Rwanda, Seychelles, Tonga, Uruguay and Vietnam.
● Most Notably, launched Transak in India: India is at the forefront of global crypto adoption and Transak is looking to double down on its presence in the country to empower the next generation of Web3 developers. As part of its India launch, Transak is working to enable payment integration on platforms like Metamask, Ledger, Decentraland, WazirX NFT, Terra Station, Anchor, BitYard, and Hiro. As of April, this has been paused due to regulatory uncertainty in the region. We are hoping to re-enable once the regulatory environment has stabilized.
● 75 Blockchains are now available on the platform: Our goal is to support the most cutting edge blockchains. We believe the future of crypto is a multichain world and want to support partners to be able to build their projects on whichever chain best suits their needs. Notable new partnerships this quarter include Optimism and Arbitrum.
● Now supports over 100 partners: Notable wallets on the platform include Metamask, MobileCoin, Anchor Protocol, Decentraland, Moonbeam, Terra Station, Trust Wallet, Maiar, Zed, 1INCH, Cake DeFi, Beefy Finance, Splinterlands, Ledger Wallet and Bitcoin.com.
● 8x the number of active users YoY: Users are beginning to see the value and convenience of utilizing Transak and their primary fiat on-ramp for all their crypto needs. Q1 2022 holds the highest number of active users to date, with this number continuing to skyrocket as the year continues.
● Transak now has over 100 employees within its ecosystem: Transak more than doubled its employee base from the end of 2021 to April 2022. Recruitment focused on hiring the best talent in the areas of marketing, sales, engineering, compliance and customer support. The team also focused on creating hubs of talent within Miami, London and Bangalore.
● Notable Hires: The Transak team is now proud to work with Rajat Mehrotra as VP Engineering and Sharad Agarwal as Head of Product. Rajat and Sharad ran Engineering and Product at PayTM Money. Transak also hired Joe Podulka as CFO and Jose Luis Roqueni as Head of Marketing.
“Our mission is to enable web3 apps to onboard their users. By shipping more fiat payment methods and supporting more blockchains this quarter we are making strides to make web3 applications more accessible,” said Sami Start, CEO, Transak. “We remain focused on listening to our partners and end users to give them what they need and use data to consistently drill down on improving key metrics such as conversion rate, processing time, and cost. I’d like to thank all of our partners who have integrated Transak. We look forward to making it easier and easier to onboard your users.”
Transak is bullish on the future of decentralized applications (dApps). Despite the benefits of decentralized applications, mass adoption remains a challenge due to complicated user onboarding. Currently, most dApps are only open to users that already own cryptocurrencies or understand how to buy and use them. Decentralized apps fight over the same few users and assets that are already on boarded into the ecosystem. In order to solve this, Transak removes the bottlenecks in onboarding users to dApps. With its global fiat on-ramp integrated into the application, Transak allows dApp users to acquire crypto assets with their existing bank accounts directly via bank transfer, card payment, or local payment methods. To learn more visit www.transak.com.
Transak is a single integration for applications to enable fiat-to-crypto on-ramp from a global user base. It does so by providing API-driven fiat payment methods to on-ramp to 100+ crypto assets and abstracting away the complexity of user KYC, risk monitoring & compliance, payment methods and customer support. Transak’s widget can be integrated into an app in just a few lines of code. Transak is backed by top VCs, including Consensys. Connect with Transak on Twitter or LinkedIn, or visit https://transak.com/ for more information.