Web3 payments infrastructure provider Transak announced its launch in Hawaii, offering a new gateway to Web3 for both individuals and businesses in the region.
“We believe that Transak has the potential to play a major role in driving the adoption of Web3 in Hawaii,” said Sami Start, CEO of Transak, in a written statement. “Our platform makes it easy for individuals and businesses to access the benefits of this exciting new technology. This strategic expansion aligns with Hawaii’s progressive stance on cryptocurrency adoption and digital innovation, positioning Transak as a key player in the state’s evolving financial landscape,” he added.
According to a report by Miq Intelligence, Hawaii shows the highest level of interest in cryptocurrency compared to other US states. However, despite this increasing interest, residents have encountered challenges in adopting Web3 technologies, particularly in acquiring cryptocurrency with traditional fiat currencies.
Transak provides a compliant solution to address these challenges. Both Transak Limited and Transak USA LLC are registered as Money Services Businesses (MSBs) with the Financial Crimes Enforcement Network (FinCEN). This registration ensures that Transak operates in full compliance with the Bank Secrecy Act, adhering to strict anti-money laundering (AML) and know-your-customer (KYC) regulations. Such regulatory compliance is essential for promoting transparency and building trust in the rapidly evolving digital asset space.
Transak’s platform is designed to meet the needs of both beginners and experienced users. Its user-friendly interface helps guide individuals through the process of setting up and managing digital wallets, ensuring the security of their assets. For residents in Hawaii, the platform allows quick access to a wide range of cryptocurrencies, enabling them to get started within minutes and explore hundreds of digital currencies with ease.
With this launch, several of Transak’s major partners, such as BitPay, MetaMask, Changelly, and Trust Wallet, are now available in Hawaii. The state presents a high-potential yet previously underexplored market for these platforms. Transak has been actively supporting its partners with user onboarding, and this expansion now allows those operating in the US to extend their services to Hawaii. This strengthens the digital finance ecosystem while enabling users to easily access and utilize cryptocurrencies.
Transak’s entry into Hawaii represents a notable advancement in connecting traditional fiat currencies with cryptocurrencies, offering users a simple, compliant, and secure method to buy and sell digital assets. Residents of Hawaii can now easily purchase cryptocurrencies using credit or debit cards, removing the complications of navigating complex exchanges or transfers. The platform also streamlines the KYC process for quicker access and provides localized payment options, enhancing convenience for users.
Transak Enables Wire Transfers For Hawaii Residents, Facilitating Large Purchases
Transak supports over 5.7 million users in 160 countries, providing the infrastructure for more than 350 platforms to facilitate the buying and selling of digital assets through its API-driven fiat-to-crypto on/off-ramp, non-fungible token (NFT) checkout and other solutions that streamline KYC, compliance, payment options, and customer support.
Designed for both beginners and experienced users, Transak offers high purchase limits and multiple payment methods for greater flexibility. By extending its services to Hawaii, the platform connects the state to the global Web3 community.
Additionally, to meet the growing local demand for cryptocurrency, residents can now use wire transfers to purchase larger amounts, starting at $2,000, at lower fees.
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