LogX Integrates Transak One to Streamline DeFi Onboarding

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As a seasoned analyst with a background in both traditional finance and blockchain technology, I find this partnership between LogX Network and Transak to be a game-changer. Having navigated the complexities of the crypto space myself, I can appreciate the barriers to entry that have deterred many potential users from fully embracing decentralized finance (DeFi).

In simple terms, the fintech company, LogX Network – which is supported by Sequoia and specializes in trading for both retail and institutional clients across various blockchain networks – has teamed up with Transak. Their goal is to incorporate Transak’s cutting-edge solution for converting traditional currencies (fiat) into smart contracts, known as Transak One.

This tactic streamlines the user registration process, enabling them to effortlessly buy and store funds within smart contracts on the LogX system. By omitting the requirement for middleman cryptocurrency transfers, Transak One diminishes hurdles in accessing the decentralized derivatives market.

LogX Network is a versatile DeFi platform that aims to outshine conventional exchanges by providing superior scalability, fee-free transactions, and compatibility with numerous assets. This platform boasts sophisticated trading tools like perpetual futures, instant matching for memecoins, leveraged prediction markets with up to 20x leverage, and the ability to trade tokenized real-world assets.

Traditionally, engaging with significant smart contracts on the blockchain required users to employ cryptocurrencies. This usually involved a complex series of procedures, starting with converting regular money (fiat) into cryptocurrency, followed by using this newly obtained crypto for interacting with smart contracts.

Transak One has made this procedure more straightforward by doing away with the necessity of intermediary crypto transactions. Instead of the traditional multi-stage process where LogX users first buy ETH, then swap it for USDC, and finally deposit the USDC into a trading account, Transak One streamlines this into one easy step. Users can now directly deposit USDC into their trading account using conventional fiat payment methods.

LogX, frequently known as a “DeFi all-in-one app,” uses sophisticated technologies such as Arbitrum Orbit Stack for exceptional scalability, Avail Network for dependable data accessibility, and Hyperlane Network for cross-chain communication. With backing from influential investors like Sequoia Capital, Coinbase Ventures, and Antler, LogX strives to be the go-to choice for both individual and professional traders, offering unmatched speed, security, and trading optimization.

Akshit Bordia, Co-founder of LogX Network, stated that by adding Transak One to our platform, we’re making Decentralized Finance (DeFi) easier for more people to use. Now, users can swiftly purchase cryptocurrencies using their local money and start trading on LogX without having to deal with any hold-ups or intricate procedures.

In simpler terms, Sami Start, the CEO of Transak, stated that their collaboration with LogX Network is a significant leap towards making DeFi (Decentralized Finance) easier to join. By utilizing the distinctive features of Transak One, users can skip traditional multi-step procedures and instantly deposit funds into smart contracts directly.

By utilizing LogX’s gas-free and instantaneous pricing system along with Transak’s top-tier payment services, users can now access a complete platform for swiftly exchanging fiat currency into cryptocurrency and effortlessly interact with Decentralized Finance (DeFi).

For newcomers, it’s now effortless to buy cryptocurrencies with your local money directly, and you can immediately start trading on LogX without experiencing any delays. The elimination of gas fees provides a centralized exchange-style encounter in a decentralized setting.

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2024-11-28 18:44