Fiat to cryptocurrency payment gateway Transak announced that it has raised Rs 4.8 crore ($ 660,000) in a seed round funding led by Consensys, The Lao, IOSG, Lunex, Koji Capital, and other angel investors.
The company is looking to expand its operations, partnerships & presence in India and is going to use the funds raised to hire more engineers and expand its team in the country.
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Transak lets both retail investors and businesses buy and sell cryptocurrency using fiat currency (Rs or USD) and vice-versa. It acts both as a B2C platform where one can buy crypto directly into their wallet using fiat money and a B2B platform in the form of a developer integration that can be used by third-party applications and websites. One can buy cryptocurrency on the platform through bank transfers, debit/credit cards, wallets, and other payment applications.
Whilst traditional crypto exchanges allow users to trade and speculate on crypto Transak’s intention is to allow users to access cryptocurrency through fiat currency such that they use blockchain applications, decentralised finance (DeFi), payments among other applications.
The company is looking to snap up attractive Indian talent in the decentralised finance space, given the increasing number of startups and projects started by Indians in recent years. Transak currently has operations in over 60 countries.
Currently, the company is working closely with other players in the Indian blockchain ecosystem, including WazirX and Matic Network. Globally Transak is integrated by wallets and apps such as Metamask, Klever Wallet, and Edge Wallet and top DeFi apps such as Maskbook, Aave, and Index Coop.
Sami Start & Yeshu Agarwal, Co-Founders, Transak said “We are extremely confident about our expansion plans in India. The Indian blockchain market is growing rapidly and needs on and off-ramps to make the crypto world accessible to all. The company is excited to acquire fresh Indian talent which is known to be exceptional across the globe and are dedicated to building a strong team in the country to take over the Indian operations. We are highly motivated to ease the friction in the global crypto market and take decentralized finance mainstream.”
Serial entrepreneurs Sami and Yeshu founded Transak with a vision to address the clear need-gap in the market for end-users who wanted to buy crypto directly to their wallet, in order to use blockchain applications, which was not served by the bottlenecked UI of major exchanges. Transak experienced rapid growth in volumes in 2020, doubling its volume from January 2020 to January 2021. In 2021, the founding duo plans to expand to more fiat payment methods, integrate with more blockchains and protocols, refine and scale their core processing engine, as well as explore new markets (with a keen focus on India) that are built on top of fiat-to-crypto payments.