Fiat-to-cryptocurrency payment gateway Transak announced that it has raised Rs 4.8 billion ($ 660,000) in a seed-round funding led by Consensys, The Lao, IOSG, Lunex, Koji Capital and other angel investors Has.
The company aims to expand its activities, partnerships and presence in India and will use the funds raised to hire more engineers and expand its team in the country.
With Transak, both private investors and companies can buy and sell cryptocurrencies in fiat currency (Rs or USD) and vice versa. It functions both as a B2C platform where you can buy crypto with fiat money directly into your wallet, and as a B2B platform in the form of developer integration that can be used by third-party applications and websites. On the platform, one can buy cryptocurrencies through bank transfers, debit / credit cards, wallets and other payment applications.
While traditional crypto exchanges allow users to trade and speculate in crypto, Transak’s intent is to allow users to access cryptocurrency through fiat currency so that they can use blockchain applications, decentralized finance (DeFi) and, among others Use payments.
Given the increasing number of startups and projects started by Indians in recent years, the company is looking for attractive Indian talent in the field of decentralized financing. Transak currently operates 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.
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Sami Start & Yeshu Agarwal, Co-Founders of Transak, said: “We are extremely confident about our expansion plans in India. The Indian blockchain market is growing rapidly and needs entrances and exits to make the crypto world accessible to everyone. The company is excited to attract new Indian talent who are known worldwide as exceptional and who are committed to building a strong team in the country to take over the Indian operations. We are highly motivated to reduce friction in the global crypto market and bring decentralized finance into the mainstream. ”
Serial entrepreneurs Sami and Yeshu founded Transak with a vision to fill the clear need in the market for end users who wanted to buy crypto straight to their wallet in order to take advantage of blockchain applications that were not covered by the bottleneck user interface of. great exchanges were served. Transak saw rapid volume growth 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 more blockchains and protocols, refine and scale its core processing engine Explore new markets (with a strong focus on India) built on fiat-to-crypto payments.