Users in the U.S. will be able to buy cryptocurrencies through bank transfers thanks to the Transak initiative. The fee for such transfers will be 1%.
Transak, a Web3 payment infrastructure provider, launched the first on-ramp service in the U.S. allowing users to fund their crypto accounts via bank transfers.
According to Yeshu Agarwal, Co-Founder of Transak, the initiative is the first in the U.S. to allow users to purchase crypto using familiar and secure payment methods. He believes the initiative will encourage mass adoption of cryptocurrencies and build general confidence in the crypto market.
The minimum transfer amount via Transak is $2,000 when using bank accounts. It’ll be possible to purchase a maximum of $25,000 worth of crypto per day. The fee for such transfers will be 1%. Any Transak user from the USA who passed verification and KYC checks will be able to use this feature.
Transak received a federal license to conduct money transfers in the U.S. in early 2022. The new functionality for U.S. users was made available thanks to a partnership with a leading local bank. The name of the partner bank wasn’t disclosed, but the company stressed that this partnership allows the service to fully comply with local regulatory requirements.
Earlier this year, Transak entered into a strategic partnership with payment giant Visa, enabling users from more than 145 countries to convert around 40 cryptocurrencies into fiat by withdrawing funds to a bank card. The ability to buy cryptocurrencies using bank accounts was also previously added for U.K. users, resulting in a fourfold increase in transaction volume on the platform. The company hopes to see similar growth in the U.S.
In 2023, Transak expanded the ability to use fiat funds in Web3 games, giving users access to easy and cheap transactions with in-game tokens.
