LogX Network, a Sequoia-backed platform designed for retail and institutional trading across multiple blockchain ecosystems, has partnered with Transak to integrate its innovative fiat-to-smart contract solution, Transak One.
This strategic move aims to simplify the onboarding process for users, allowing them to seamlessly purchase and deposit funds directly into smart contracts on the LogX platform. By eliminating the need for intermediary cryptocurrency transactions, Transak One significantly reduces barriers to entry into the decentralized derivatives market.
LogX Network positions itself as a comprehensive DeFi platform, designed to surpass traditional exchanges in terms of scalability, gas-free transactions, and support for multiple assets. It offers advanced trading functionalities such as perpetual futures, memecoin trading with instant order matching, leveraged prediction markets with up to 20x leverage, and trading tokenized real-world assets.
Historically, interacting with meaningful smart contracts on the blockchain necessitated the use of cryptocurrencies. Users typically had to navigate a multi-step process involving on-ramping fiat currency into crypto and then utilizing the acquired crypto to interact with smart contracts.
Transak One has revolutionized this process by eliminating the need for intermediary crypto transactions. For LogX users, instead of the conventional multi-step process of purchasing ETH, swapping it for USDC, and depositing USDC into a trading account, Transak One simplifies this into a single step. Users can directly deposit USDC into their trading account using fiat payment methods.
LogX, often referred to as a “DeFi superapp,” leverages advanced technologies like Arbitrum Orbit Stack for high scalability, Avail Network for reliable data availability, and Hyperlane Network for cross-chain messaging. Backed by prominent investors such as Sequoia Capital, Coinbase Ventures, and Antler, LogX aims to become the preferred platform for both retail and professional traders, providing unparalleled speed, security, and trading efficiency.
“By integrating Transak One, we’re making DeFi more accessible to a wider audience,” said Akshit Bordia, Co-founder of LogX Network. “Users can now instantly buy crypto with their local currencies and start trading on LogX without any delays or complex processes.”
Sami Start, CEO of Transak, added, “Our partnership with LogX Network represents a significant step forward in simplifying DeFi onboarding. By leveraging Transak One’s unique capabilities, users can bypass traditional multi-step processes and directly deposit funds into smart contracts.”
Through LogX’s gas-free and real-time pricing infrastructure combined with Transak’s world-class payment capabilities, users now have a comprehensive solution to convert fiat into crypto and seamlessly engage with DeFi.
New users can now seamlessly purchase cryptocurrencies using their local currencies and commence trading on LogX without any delays. The absence of gas fees creates a centralized exchange-like experience within a decentralized environment.
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