Transak debuts wire transfers, allowing U.S. users to buy crypto directly from bank accounts with larger transaction limits.
Transak allows verified users to buy up to $25,000 of cryptocurrency every day with a 1% fee on wire transfers.
Transak seek to increase the use of cryptocurrency in the United States by being the first crypto platform to offer wire transfers.
Global Web3 provider Transak has announced a wire transfer payment option for U.S. crypto buyers, marking update to its service. Announced on Tuesday, the new option allows users to purchase cryptocurrencies directly from their bank accounts, providing a safe and familiar method for transactions.
Transak Adopts Wire Transfer for U.S. Crypto Transaction
Transak reports that the adoption of wire transfers is expected to save time in the cryptocurrency purchasing process, particularly for American users managing huge financial transactions. With a $2000 . minimum order, the company observed that wire transfers have an average order value sixteen times higher than other payment methods. The financial preferences of American users, who favor large transaction amounts, are best suited for this feature.
The service is available to users who have completed level 2 KYC verification and comes with a 1% transaction fee. Users can make daily purchases of up to $25,000, providing a powerful option for those looking to invest larger sums in cryptocurrencies. Transak emphasized that this development makes them the first fiat-to-crypto platform to introduce wire transfers, further distinguishing their service in the competitive crypto market.
Yeshu Agarwal, co-founder of Transak, highlighted the launch as a key achievement for the company. He stated that the introduction of wire transfers underscores Transak’s ongoing commitment to improving the user experience by offering more secure and convenient payment options. This move is expected to attract a more user base, potentially increasing participation and adoption within the U.S. crypto market
Transak and Uniswap Labs Collaborate to Enhance DeFi Accessibility
Besides expanding payment options, Transak has been active in forming strategic joint efforts to make cryptocurrency more accessible to users worldwide. Earlier this year, Transak partnered with Visa Direct to enable users in over 145 countries to convert cryptocurrencies into traditional currencies, enhancing their ability to manage and spend digital assets.
Additionally, Transak has launched a service to facilitate the purchase of PayPal USD (PYUSD) through various mobile payment methods, aiming to ease the process for users. Recently, Transak partnered with Uniswap Labs to include services in the Uniswap Wallet. This team is designed to simplify access to decentralized finance (DeFi) for users, further improving the reach of their crypto services.
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