Transak Raises $660,000 In Seed Round
The investment will enable the company to hire more engineers to help in the expansion of Indian operations
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Fiat-to-crypto payment gateway Transak streamlines the process of buying and selling cryptocurrency allowing both mainstream users and businesses to access crypto and blockchain, on Tuesday announced that it has raised around $660,000 in a Seed round funding led by Consensys, The Lao, IOSG, Lunex, Koji Capital, and other angel investors.
The platform claims to allow users to use their fiat currency to buy cryptocurrency and vice-versa, acting as both an on-ramp for applications. The company is looking to expand its operations, partnerships, and work base in India and is going to use the amount raised to hire more engineers and expand its team in the country.
India's cryptocurrency trading community has grown many times over but still represents a small portion of the world's youngest economy. Decentralized finance has caught the attention of many potential traders and investors due to the high returns and constant growth of the market. The Indian talent in the crypto ecosystem has shown exceptional performance and has driven remarkable results for various players in the industry. Thus, the company aims at acquiring the best Indian talent to build a strong team for operations in the country. Transak has existing operations in more than 60 countries and plans to expand and consolidate this coverage by the end of 2021.
"We are extremely confident about our expansion plans in India. The Indian blockchain market is growing rapidly and needs on and off-ramps to make the crypto world accessible to all. The company is excited to acquire fresh Indian talent which is known to be exceptional across the globe and is dedicated to building a strong team in the country to take over the Indian operations. We are highly motivated to ease the friction in the global crypto market and take decentralized finance mainstream," commented Sami Start and Yeshu Agarwal, co-founders, Transak, in a collective statement.
The company acts both as a B2C platform where one can buy crypto directly into their wallet using fiat money and a B2B platform in the form of a developer integration that can be used by third-party applications and websites.
Currently, the company has been said to be working closely with other players in the Indian blockchain ecosystem, including WazirX and Matic Network. Globally Transak is integrated by top wallets and apps such as Metamask, Klever Wallet, and Edge Wallet and top decentralized finance (DeFi) apps such as Maskbook, Aave, and Index Coop.
Whilst traditional crypto exchanges allow users to trade and speculate on crypto, the mission for Transak is different - allowing users to access cryptocurrency from fiat in order to actually use blockchain applications, DeFi, payments, and many more applications. Whilst these applications are still in their infancy, they are expected to be used throughout India and the world to power the lives of individuals and businesses within the next 5 years, the company further shared.