This November, Transak, a leading Web3 onboarding infrastructure provider, became the only on-ramp integrated by AAVE. Aave is a decentralized non-custodial liquidity market protocol that allows users to participate as borrowers or depositors. Borrowers can get money on perpetuity while depositors can make an earning by providing liquidity to the market. Transak is compatible with all networks deployed on the Aave V3 which makes it an exclusive provider with the same capabilities for the protocol.
Web3 onboarding remains a critical challenge - for millions of Aave users and the industry, in general. In the past, users would have to purchase crypto on a separate platform to begin borrowing assets or gaining interest on the tokens before reaching Aave. With Transak integration, holders can click on the “Buy Crypto with Fiat,” located under the more section within the AAVE application, and pay through their preferred payment method to get the requested currency to the user’s wallet.
The new integration allows the AAVE community to deposit more than 130 cryptocurrencies with credit/debit card, Apple Pay, bank transfer, or 23+ other local payment methods supported in 125+ countries. The bank transfer fees come as low as 1% and enable holders to get high-yield tokens to their wallets.
Transak’s commitment to make Web3 easier for the community of users and partners does not come as a surprise. Over the past few months, the project marked a few milestones in facilitating local payment methods in the emerging markets. In July 2022, they enabled local payment methods in Thailand and three months later, became the fiat on-ramp with the most payment methods, easing crypto purchases for the Philippines.
Transak’s last integration hints on the promising future of onboarding in DeFi and dApps. Despite the bear market, the decentralized world keeps pushing for mass adoption.
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