Transak, a single integration for applications to accept fiat-to-crypto deposits and withdrawals from a global user base, is launching services in India with the roll-out of UPI payment integration on platforms including Metamask, Ledger, Decentraland, WazirX NFT, Terra Station, Anchor, BitYard and Hiro.

The UK-based company said India was at the forefront of global crypto adoption and Transak was looking to double down on its presence in the country to empower the next generation of Web3 developers.

“India has shown an incredible appetite for Web3 applications and innovation alike. We are thrilled to empower Indian Web3 developers to create a smoother and seamless onboarding experience for their users. With Transak, Indian dApps can become apps making adoption easier than ever,” said Sami Start, co-founder, Transak.

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Yeshu Agarwal, co-founder of Transak, said India had always been a priority market. "We are looking to solidify our India presence tremendously by expanding both our partnerships and India team with 150+ open positions across different functions,” Agarwal said.

Founded by Start and Agarwal in 2019, UK-based Transak’s mission is to make web3 applications accessible. In January, Transak celebrated an all-time high $71 million in volume and hit a record $3.3 million in organic transaction volume in a day, according to the company.

As a key partner for Transak, Arjun Kalsy, VP of Growth at Polygon said: "Our approach to scaling Ethereum improves the network’s transaction processing speed and tremendously reduces gas fees, removing significant barriers for Web3 developers, leading to 7000+ dApps on Polygon today. However, Web3 developers still struggle with adoption as, currently, the onboarding requires existing cryptocurrency in users' wallets and complicated fiat to crypto transactions. Transak's on-ramp infrastructure effectively solves this."

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Despite the benefits of decentralised applications (dApps), mass adoption remains a challenge due to complicated user onboarding, the firm said, adding it was bullish on the segment.

Currently, most dApps are only open to users that already own cryptocurrencies or understand how to buy and use them. Decentralized apps fight over the same few users and assets that are already onboarded into the ecosystem. With its global fiat on-ramp integrated into the application, Transak said, it would allow dApp users to acquire crypto assets with existing bank accounts directly via bank transfer, card payment, or local payment methods.

First Published:Mar 2, 2022 3:21 PM IST