Transak that Connects Cryptocurrency with Traditional Banking Expanding Operation in India

London-based Transak, that connects cryptocurrency with traditional banking, is looking to expand its operations, partnerships and work base in India.

Dubbed as "Fiat-to-crypto" payment gateway, Transak has recently raised ₹4.8 crore in a seed round led by Consensys, The Lao, IOSG, Lunex, Koji Capital and other angel investors. The company is going to use the amount raised to hire more engineers and expand its team in India.

Founded in 2019, by Sami Start and Yeshu Agarwal, Transak streamlines the process of buying and selling cryptocurrency allowing both mainstream users and businesses to access crypto and blockchain. 

Transak’s graduated the 3rd cohort of Tachyon accelerator program of Consensys, a global blockchain company founded by Ethereum co-founder, Joseph Lubin. 

Consensys Team and Transac Founders [Image - Transak@Medium]

Transak aggregates 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. 

Fiat money is a government-issued currency that is not backed by a commodity such as gold. Unlike cryptocurrencies, a 'Fiat' currency gives central banks/government greater control over the currency because they can control how much currency is printed.

Transak said that it experienced rapid growth in volumes in 2020 and this year plans to expand to more fiat payment methods, integrate with more blockchains and protocols, as well as explore new markets, with a keen focus on India.

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