Popular fiat-to-crypto payment gateway Transak is racing ahead in the battle of the crypto on-ramps, outpacing rivals like Moonpay and Ramp Network as the number one choice for some of the industry’s most prominent protocols.
In particular, Transak has seen remarkable success in terms of being able to win over dApp developers that had previously chosen Moonpay as their payment gateway of choice. It’s doing this because it holds significant advantages over Moonpay, ranging from its superior token support, better conversion rates and exchange rates for businesses, its flexible APIs and integration options, to its rapid transaction processing capabilities, and its solid reputation with industry regulators.
The superiority of Transak is not just a boast – it’s a claim that’s backed by some of the most popular protocols in the crypto world, not least Uniswap, the number one decentralized exchange platform that recently ditched Moonpay as its favored fiat-to-crypto gateway.
Also moving in the same direction as Uniswap are the popular crypto wallets Zengo, BitPay Wallet, and Phantom, plus the leading ZK-rollup blockchain Immutable zkEVM.
What is it about Transak?
Transak says there are just too many compelling reasons to use its platform over Moonpay, with one of the most advantageous factors being its higher conversion rates. With Transak, fewer transactions fail and there is a solid reason why that’s the case.
Transak is notably a lot “cleaner” than Moonpay because it refuses to touch dApps involved in sensitive areas like gambling and adult content. Such dApps are borderline legal in a lot of territories, and that inevitably means that transactions are more thoroughly scrutinized, which can cause problems for conversions. By avoiding such controversial use cases altogether, Transak sidesteps a lot of this scrutiny, which means far fewer payments are flagged for violations.
This is important for dApps, and not just because of the convenience – by processing more transactions, it means less frustration for users, who are then only too happy to help them generate more revenue.
It can be tough to directly compare the exchange rates between Transak and Moonpay as these vary based on the digital assets and currencies involved, but one area where Transak does win hands down is through its superior rates for businesses. According to Transak, providing discounted rates to organizations, allows them to adjust their margins with greater precision when selling to customers, resulting in higher profitability.
dApps have also come to realize that Transak wins in terms of providing more extensive support for many lesser known digital assets, which can be a major consideration for DeFi protocols. If a user cannot buy the asset they need directly using their fiat funds, the need to visit a crypto exchange first can often be a deal-breaker, which is why dApps strive to desperately need this kind of support.
The same can be said for Transak’s streamlined compliance processes, which enable customers to complete the KYC and AML process in a matter of minutes, so they can proceed with minimal delay. Tranak’s KYB process is also extremely slick, taking just a few days to complete.
One specific advantage of Transak’s KYC is that customers can complete various levels all at once, at a time when it’s convenient to them, as opposed to Moonpay, which only allows users to proceed to the next level when their transaction limit has been reached. This has long been a source of frustration with Moonpay – just imagine, you’re out and about, and suddenly it pops up with a demand to go grab your passport and proof of address. If you don’t have it on you, you can’t proceed, at least not until you return home and get your hands on those pesky documents. Fortunately, these kinds of situations can be avoided with Transak, adding to its allure.
Another area where Transak comes out on top is integration. Developers can integrate Transak within their dApp interface with a couple of lines of code, and the actual gateway experience can be fully customized and branded by dApps, adding to its appeal.
In addition, dApps that have switched from Moonpay to Transak cite its cleaner user interface and rapid transaction processing as deal clinchers.
Ideal for crypto games
As it races to catch up with Moonpay as the world’s fiat-to-crypto gateway of choice, Transak is building up a solid reputation as the platform to go to, and it has had a lot of success with new dApps. Indeed, many have opted to go exclusively with Transak from the get-go, with notable clients including Sony’s new blockchain Soneium, and other blockchain-gaming focused networks like Sequence Kit and SKALE.
Blockchain games have some very particular requirements compared to other dApps, and Transak has quickly emerged as the preferential choice through its ability to support micro-payments.
In most blockchain games, purchasable in-game assets tend to be very inexpensive. These assets, such as characters, weapons, skins, power ups and other accessories are represented as NFTs, allowing players to own them and sell them when they’re no longer required. But the vast majority are extremely cheap, costing as little as a couple of cents in many games, hence the need for an on-ramp that supports micro-purchases.
Of course, gamers don’t want any delays either. If you buy a new, super-powerful laser gun you want to start blasting away immediately, and for that, super low-latency is required. Transak’s platform is highly compliant – registered as MSB under FinCEN, regulated by the FCA, registered as a VASP in Poland and VDA SP in India – means it is highly trusted by regulators, ensuring that transactions can be approved in milliseconds on many platforms. It’s an essential capability for Web3 games developers, as the need to reliably process transactions is crucial for revenue generation.
Transak caters to blockchain games in other ways too, with its Light KYC process that enables players to start buying and selling in-game assets without delay, its support for dozens of localized payment methods, which ensures the vast majority of gamers can find a way to pay, and its support for multiple NFT purchases in one transaction, which is an industry first.
Freedom from onboarding friction
By adopting Transak as their primary payment gateway, developers have a way to rapidly onboard thousands of new users with minimal friction, paving the way for the rapid growth displayed by dApps such as Sui Wallet, which recorded an impressive 300% increase in transaction volume in September 2024, compared to the previous month.
Sui Wallet made no bones about the importance of its partnership with Transak, which enabled it to give the crypto community a first-mover advantage as the first wallet to simplify onboarding to its network. By integrating with Transak, it sidestepped the traditional onboarding problems faced by new blockchain networks, enabling the crypto faithful to buy their first SUI with just a couple of clicks.
One extremely significant advantage of Transak is its Light KYC process, where users can pass a basic check in an average of 30 seconds and start buying and selling small amounts of SUI assets.
Easing Access To Web3
The rapid growth of Transak, which is fast becoming the go-to fiat payments processor for every kind of crypto dApp, underscores the enormous impact that fiat-to-crypto on-ramps have had on the crypto industry.
Older crypto stalwarts will likely recall the extremely cumbersome process of old – which involved navigating to a crypto exchange, signing up, buying crypto, transferring it to your wallet, and then sending it to the dApp in question – and be thankful that those days are gone.
By integrating fiat payment rails directly into dApps, on-ramps like Transak have dramatically simplified the onboarding process, paving the way for millions of people to enjoy a quick and hassle-free entry into the world of Web3.
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