The Supreme court of India lifted the two years old ban on usage of bitcoins and other cryptocurrencies in India on 4th May 2020. The historical decision from the court brought fresh interests from investors and traders from all over the country. At present, India has limited options to buy and sell bitcoins and other cryptocurrencies in India. Transak, a leading DeFi company offers the easiest way to buy and sell cryptocurrencies in India with your bank. Users can buy cryptocurrencies with INR and other fiat currencies on global.transak.com.
What is Transak?
Transak is a single integration for applications to accept fiat-to-crypto deposits and withdrawals from a global user base. It does this by aggregating fiat on-ramps from around the world and abstracting away the complexity of local compliance, payment methods, and operations. The Transak product is a widget integration that can be integrated into an app in just a few lines of code.
Transak is backed by Consensys and graduated from the Tachyon accelerator program. Transak founded by Sami Start & Yeshu Agarwal, who have built & scaled global exchanges. Sami is a 2nd-time founder. Sami started & lead the software team at an online exchange. Yeshu is a 4th-time founder, his last venture “Coinally – Crypto exchange aggregator” was acquired.
How is Transak unique and better than other alternatives available in India for bitcoin buying/selling?
Transak is a fiat on/ramp aggregator, they aggregate multiple crypto-fiat on/off ramps (like WazirX, CoinDCX, Cashaa) and provides the best price to the users so that they can purchase cryptocurrencies directly to their crypto wallet using UPI & Bank Transfers.
Application developers can integrate our non-custodial SDK for crypto-to-fiat on/off ramps within a few lines of code: http://transak.com/integrate and can onboard their customers from worldwide.
Partnerships and Future Plans for India
Currently, Transak has integrated with WazirX, CoinDCX, Cashaa, Bitbns, Wyre, Moonpay, Carbon, HodlHodl. In 1-2 months, they plan to support on/off ramp via bank transfer in 25 countries and card payments in 40 countries.
Transak has plans to integrate with more liquidity providers to provide the best price and liquidity to the end-users.
How to Buy/Sell Bitcoins on Transak
To buy/sell cryptocurrencies using Transak, the user has to go to global.transak.com. Then they have to select their cryptocurrency, amount, and their crypto wallet address. After then Transak shows the best option to buy/sell cryptocurrencies (just like Trivago for hotels) and in the backend Transak routes that transaction to a P2P exchange.
For the user, it is just like scanning a QR code and paying via Google Pay/Paytm. And within ~ 7-8 minutes, Transak delivers the crypto to the user’s wallet. User’s don’t have to understand complicated trading interfaces and terminology like bids, asks, order books, etc.
Learn More about Transak here
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