ANKR: Fiat Onboarding Comes to AppChain with TransFi
Getting started in crypto is still challenging for many that lack the interest or time to understand the intricacies of blockchain technology. This learning curve has created a significant gap for new users because many newcomers find it too difficult to move liquidity through exchanges, wallets, and networks to interact with the Dapps they want to use.
Fortunately, ANKR is solving this problem by partnering up with TransFi to bring fiat onboarding/offboarding to their AppChain services so that end-users will have a more streamlined experience when interacting with Dapps.
Fiat onboarding with TransFi
In order to bring fiat onboarding to its AppChain services, ANKR has collaborated with TransFi, a web3-based company focused on payment solutions. By bypassing the additional steps of purchasing tokens on an exchange, transferring them to a wallet, and then bridging them to other networks, TransFi is able to give users an access point that is cheaper and less time-consuming.
To use the onboarding feature, AppChain developers simply need to add the onboarding feature to their list of Dapps. From there, users will then need to create an account that is linked to a debit/credit card or their bank. Users will then be able to purchase native tokens from the AppChain using fiat.
Developers will also notice that the user interface for fiat onboarding is customizable and can be changed to accommodate branding and the webpage’s layout.
How ANKR AppChains are helping
With TransFi’s fiat onboarding system, ANKR will be able to provide clients with an improved AppChain service that can support Dapp development even further. AppChains are one of ANKR’s primary products and grant developers the ability to adopt their own blockchain that is dedicated to a single Dapp and ecosystem.
Unlike public blockchains, which provide a certain amount of TPS to all Dapps and services on a network, AppChain’s exclusivity allows Dapps to function at a more optimized rate. Due to this, Dapps built using AppChain can be more efficient which will make them attractive to consumers.
What benefits are there for users?
Although simple, the inclusion of fiat onboarding directly in AppChain services means that developers can expand web3 businesses in significant ways. The new ability to directly deposit assets into a blockchain can help boost the token’s liquidity, giving it more room to be utilized within the ecosystem.
Furthermore, users will have the luxury of avoiding the many burdens that occur when first interacting with cryptocurrencies including the transfers and exchanges mentioned earlier. This will help Dapps built on ANKR grow more quickly compared to competitors that have no direct fiat injections.
TransFi also offers expansive KYC solutions for their products to help reduce friction with regulations and other local laws which is becoming an increasingly important topic as more governments begin to explore crypto regulations.
Making web3 easy
At ANKR, one thing is clear - crypto needs to be easy. When crypto peaked in 2021, web3 suddenly appeared on everybody’s radar, yet the steep learning curve made it difficult for many people to understand and interact with the various networks available.
Fortunately, it appears ANKR is one of many web3 businesses looking for solutions that will help onboard more users to web3 by working with companies with TransFi. With more financial innovation being created on-chain, it’s only a matter of time before mass adoption becomes a more feasible goal.
