As the decentralized finance (DeFi) market continues to gain the spotlight in the financial landscape, platforms like Sushiswap are making waves by offering innovative and decentralized alternatives to traditional financial services. However, there remains one crucial element that will determine the true success and mainstream adoption of DeFi platforms: a seamless and efficient fiat onramp. In a recent announcement, the leading DeFi platform, SushiSwap, has integrated with Transak to allow users to buy crypto seamlessly.
Fiat Onramp Matters For SushiSwap
While DeFi platforms like SushiSwap offer numerous benefits, such as increased transparency, enhanced security, and reduced fees, they can be daunting for new users. This is particularly true when it comes to converting fiat currencies like dollars or euros into cryptocurrencies needed to participate in the DeFi ecosystem.
To ease the transaction process, SushiSwap has revealed a strategic partnership with Transak, a prominent fiat on-ramp provider. This collaboration aims to integrate Transak’s fiat on-ramp into the Sushi app, allowing users to purchase over 130 cryptocurrencies directly from the platform’s homepage.
The integration will provide support for more than 21 local payment methods, catering to users from nearly every country globally. This development marks a significant milestone for SushiSwap, as it endeavours to simplify access to decentralized finance (DeFi) for its users.
This integration has been launched to address the user experience issue when purchasing tokens in decentralized finance (DeFi). The integration serves as a fiat on-ramp that allows users to directly purchase supported cryptocurrencies using a credit card, debit card, Apple Pay or Google Pay. With hundreds of supported cryptocurrencies, users no longer have to go through the cumbersome process of going to a centralized exchange (CEX) before moving to another wallet to utilize traditional means of buying tokens. The integration aims to remove one of the main blockers in onboarding new users to the DeFi space.
Transak Joins Growing List Of Fiat Onramp Providers
Fiat onramps bridge the gap between traditional financial systems and decentralized platforms, allowing users to easily convert their fiat currencies into cryptocurrencies and vice versa, and Transak is now leading the role.
The integration of Transak’s on-ramp into the Sushi app is a technical implementation that will have no visible effect on the app’s interface or its underlying contracts, except for the addition of a “Buy Crypto” option. Developers have simply integrated the Transak SDK, allowing the on-ramp to function without interfering with the app’s codebase. Transak’s transaction process is straightforward and involves the user placing an order in their preferred fiat for their desired cryptocurrency and selecting a payment method. If the user is a first-time Transak buyer, they must complete the platform’s streamlined KYC process. Transak then takes the fiat payment from the user, converts it to cryptocurrency, and sends it to the user’s wallet.
Previously, SushiSwap partnered with Onramper, enabling more than 600,000 users to have access to a wide range of payment options, including 35 local payment methods, support for over 240 cryptocurrencies, 95 fiat currencies, and the ability to transact in over 190 countries.
SushiSwap’s partnership with fiat onramp services is part of its ongoing efforts to improve its platform and provide a better user experience. The move is expected to boost the adoption of SushiSwap’s platform, making it more accessible to a broader audience worldwide.