Transak debuts wire transfers for US crypto buyers
Key Takeaways
- Transak is the first to offer wire transfers for crypto purchases in the US.
- Wire transfers on Transak have a 16x higher average order value compared to other methods.
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Global Web3 infrastructure provider Transak is now offering wire transfers for US users, enabling them to buy crypto directly from their bank accounts, said the company in a Tuesday announcement.
With the new offering, Transak aims to provide a familiar, secure, and convenient method of transaction. Wire transfers, often equated with bank transfers, can make crypto purchases straightforward and hassle-free. The service also targets enhanced security by reducing the risk of fraud.
Wire transfers typically support larger transaction amounts compared to other payment methods. This feature makes them a natural choice for US financial habits, especially for high-value transactions, according to Transak.
With a minimum order of $2,000, wire transfers on Transak have shown a 16x higher average order value than other methods, the firm stated.
The service charges a 1% fee and is available to users who have completed level 2 KYC verification and allows daily purchases up to $25,000.
The move makes Transak the first and only fiat-to-crypto on-ramp offering wire transfers. According to Yeshu Agarwal, co-founder of Transak, the integration of wire transfers showcases the company’s commitment to user experience.
“Being the first to offer wire transfers for crypto purchases is a significant milestone for Transak. This achievement reflects our commitment to innovation and providing our users with more convenient and secure payment options,” Agarwal noted.
The new development potentially attracts more users to the crypto space, facilitating greater adoption and participation in the market.
Transak has partnered with several industry leaders to bring crypto to the masses. Earlier this year, Transak collaborated with Visa Direct to simplify the conversion of crypto to fiat for users across over 145 countries.
The company also launched a fiat-to-crypto onramp for PayPal USD (PYUSD) to enhance the ease of purchasing the stablecoin through various mobile payment methods.
Recently, Transak and Uniswap Labs have teamed up to integrate fiat on-ramping services into the Uniswap Wallet. The collaboration aims to streamline access to DeFi for users.
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Author: Vivian Nguyen
