Transak Tops Moonpay: Leading dApps Race To Embrace Its Fiat-To-Crypto Gateway

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As a seasoned analyst with over two decades of experience in the financial industry, I have seen countless companies rise and fall, but few have caught my attention like Transak. Having closely observed the crypto space for the past five years, it is clear that Transak is not just another player, but a game-changer.

The well-known payment gateway Transak is surpassing competitors such as Moonpay and Ramp Network in the competitive crypto onboarding landscape, becoming the preferred option for several leading cryptocurrency protocols.

As a crypto investor, I’ve been particularly impressed by Transak’s recent achievements in attracting dApp developers who were initially loyal to Moonpay. This shift is due to several key advantages that Transak offers over Moonpay. These include extensive token support, more favorable business conversion and exchange rates, flexible APIs and integration options, swift transaction processing, and a robust industry reputation with regulators.

Transak’s superiority isn’t just an empty claim – it’s supported by some of the most widely used protocols in the crypto realm, including Uniswap, the leading decentralized exchange platform that recently parted ways with Moonpay as its preferred fiat-to-crypto intermediary.

Additionally, similar trajectories are being followed by well-known cryptocurrency wallets such as Zengo, BitPay Wallet, Phantom, and the top ZK-rollup blockchain Immutable zkEVM.

What is it about Transak?

According to Transak, their platform offers numerous convincing advantages compared to Moonpay, particularly higher success rates for transactions. Here’s why: Transak experiences significantly lower failure rates in transactions due to a robust underlying reason.

As an analyst, I find it worth noting that Transak stands out from Moonpay due to its deliberate choice not to engage with decentralized applications (dApps) associated with sensitive subjects such as gambling and adult content. While these dApps may have a gray area of legality across various territories, the increased scrutiny they attract can pose challenges for conversions. By steering clear of such disputable use cases, Transak effectively bypasses a significant amount of this thorough examination, resulting in fewer transactions being flagged for potential violations.

This feature is crucial for dApps, not merely due to its convenience; it leads to a higher transaction volume, which in turn reduces user inconvenience, making them more inclined to contribute to the apps’ earnings.

It can be tough to directly compare the exchange rates between Transak and Moonpay as these vary based on the digital assets and currencies involved, but one area where Transak does win hands down is through its superior rates for businesses. According to Transak, providing discounted rates to organizations, allows them to adjust their margins with greater precision when selling to customers, resulting in higher profitability. 

DApps acknowledge that Transak stands out by offering extensive backing for numerous lesser-known digital assets, a factor that’s crucial for DeFi protocols. When users cannot purchase an asset directly with their fiat currency, the necessity to first visit a cryptocurrency exchange can sometimes be a deciding factor, leading dApps to prioritize this kind of support.

Similarly, Transak’s simplified compliance procedures allow customers to swiftly finish Know Your Customer (KYC) and Anti-Money Laundering (AML) checks in mere minutes, ensuring they can move forward with minimal interruption. Moreover, the KYB process at Transak is exceptionally efficient, typically taking only a few days to finalize.

As a researcher studying user experience in digital transactions, I’ve found that one standout feature of Transak’s KYC process is its flexibility. Unlike Moonpay, Transak allows customers to complete multiple levels of verification simultaneously, at a time that suits them best. This is a significant advantage over Moonpay, which requires users to advance to the next level only after their transaction limit has been reached.

One advantage that sets Transak apart is its seamless integration. Developers can quickly incorporate Transak into their dApp (decentralized application) interface using only a few lines of code. This flexibility allows the overall gateway experience to be tailored and branded by the dApps, enhancing its attractiveness.

Moreover, developers who have moved their dApps from Moonpay to Transak highlight the sleeker user experience and swift transaction handling as key factors in making the switch.

Ideal for crypto games

In its pursuit to become the preferred choice for converting fiat currency to cryptocurrency, Transak is steadily establishing itself as a reliable platform. It has achieved significant success with newly developed decentralized applications (dApps), leading some to choose Transak from the start. Notable clients include Sony’s new blockchain Soneium and other blockchain-focused gaming networks like Sequence Kit and SKALE.

Blockchain games demand specific features that are not typically needed in other decentralized applications (dApps), and Transak stands out as a popular option due to its capability to facilitate small transactions.

In many blockchain games, the items you can buy (like characters, weapons, outfits, power-ups, and other accessories) are often quite affordable. Because these items are non-fungible tokens (NFTs), players have the ability to own them and even resell them when they’re no longer needed. However, most of these items are very inexpensive, sometimes only a few cents in value across various games. This is why it’s necessary to have an on-ramp that facilitates small transactions (micro-purchases).

Of course, gamers don’t want any delays either. If you buy a new, super-powerful laser gun you want to start blasting away immediately, and for that, super low-latency is required. Transak’s platform is highly compliant – registered as MSB under FinCEN, regulated by the FCA, registered as a VASP in Poland and VDA SP in India – means it is highly trusted by regulators, ensuring that transactions can be approved in milliseconds on many platforms. It’s an essential capability for Web3 games developers, as the need to reliably process transactions is crucial for revenue generation. 

Transak simplifies transactions for blockchain gaming enthusiasts by offering various services. For instance, it employs a streamlined KYC (Know Your Customer) process that allows players to instantly begin trading in-game assets, without any hold-ups. Moreover, it accommodates numerous regional payment options, ensuring most gamers can effortlessly make payments. Lastly, Transak is pioneering the market by allowing multiple NFT purchases within a single transaction, a feature unprecedented in the industry.

Freedom from onboarding friction

Using Transak as their main payment gateway allows developers to quickly onboard thousands of new users with little hassle, thereby facilitating the swift expansion seen by dApps like Sui Wallet. For instance, Sui Wallet experienced a significant 300% surge in transaction volume in September 2024 compared to the preceding month.

One extremely significant advantage of Transak is its Light KYC process, where users can pass a basic check in an average of 30 seconds and start buying and selling small amounts of SUI assets. 

Easing Access To Web3

The swift expansion of Transak, now frequently chosen as the preferred fiat payment gateway for all types of cryptocurrency applications (dApps), highlights the significant role that fiat-to-crypto access points have played in shaping the crypto sector’s evolution.

Reminiscing older cryptocurrency enthusiasts might recall the lengthy, complicated process of the past: accessing a crypto exchange, registering an account, purchasing crypto, moving it to your digital wallet, and finally sending it to the desired dApp. Nowadays, they can appreciate that such days are behind us.

Through direct connection of traditional banking systems (fiat payment rails) within decentralized applications (dApps), services like Transak have streamlined the user onboarding experience significantly, making it easier for countless individuals to swiftly and effortlessly enter the realm of Web3 without unnecessary complications.

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2024-11-26 14:13