Transak Powers Record 300% Growth in Sui Transaction Volume

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As a seasoned researcher with years of experience tracking the dynamic world of blockchain and cryptocurrencies, I’ve seen my fair share of market fluctuations and technological advancements. However, the growth trajectory of Transak in partnership with Sui Wallet has truly caught my attention.

In September 2024, Transak, a worldwide payment system provider, experienced remarkable growth in transactions processed through Sui Wallet, reporting a significant 300% increase compared to the previous month. This trend continued into October, underscoring the strong interest in Transak’s effortless cryptocurrency transaction services as they align with the rapidly growing Sui network.

After joining forces with the Sui Wallet, Transak has played a crucial role in providing straightforward access to SUI tokens, giving users a seamless introduction to the rapidly growing Sui environment. This timing couldn’t have been more opportune: as Sui accomplished notable achievements, such as surpassing $1 billion in total value locked (TVL) and reaching a market capitalization of over $6 billion by October 2024, Transak’s payment system enabled users to take advantage of these advancements immediately.

Carlo de Luca Gabrielli, Transak’s Global Director of Sales, highlighted the significance of this alliance: “It’s fantastic to observe the swift expansion in our collaboration with Sui Wallet. The increasing adoption of our payment solutions underscores the market’s demand for robust infrastructure that guarantees smooth and trouble-free cryptocurrency transactions.

As an analyst, I’ve noticed that Transak has streamlined the onboarding process by removing common barriers, thereby making it effortless for users to interact with Sui’s services. This smooth transition not only enhances the user experience but also encourages broader user adoption.

In early October, Transak experienced a 10-fold increase in transactions processed via Sui Wallet. This surge highlights the rising dependence on Transak’s infrastructure by Sui Wallet users. The vitality of the system is further demonstrated by the recent additions: integration of the USDC stablecoin and improvements to cross-chain protocols, which enhance interoperability within the Sui ecosystem.

Transak’s ramp services make it simple for people to get their hands on SUI tokens quickly, enabling them to jump right into these new investment prospects with minimal fuss.

Since the beginning of 2024, the native token of Sui, known as SUI, has experienced a significant six-fold increase in market capitalization. Boasting an advanced infrastructure that can handle up to 297,000 transactions per second (TPS) and offering a near-instant finality time of just 480 milliseconds, the Sui network has managed to draw in more than 23 million active accounts. The number of daily active users even reached an impressive peak of 1.3 million during late September 2024.

Transak’s integration into the Sui Wallet has played a crucial role in fueling its expansion. This integration includes advanced multi-tier KYC (Know Your Customer) processes designed to simplify user onboarding.

Through integration with the Sui Wallet, Transak is positioning itself to make it easier for people to access digital assets and DeFi opportunities by being present across various wallets and platforms. As the Sui ecosystem expands, Transak’s on-ramp solutions enable users to quickly and seamlessly join in the exciting developments of high-growth blockchain projects. This move is significant in improving crypto accessibility and promoting wider adoption.

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2024-10-29 14:46