TransFi’s Fiat Onramp Enabled for Ankr AppChain Clients
May 4, 2023
5 min read
At its heart, the Ankr AppChains product is about empowering enterprises and Web3 applications to reach millions of new users by improving the technology and user experience behind them. With this core idea in mind, Ankr has partnered with TransFi to offer the optional feature of a fiat onramp/offramp solution.
“By integrating with TransFi, we’re unlocking a wealth of new value for the AppChains product, equipping our clients with a powerful feature within their dApp or business that will attract the non-crypto experienced user base. With seamless fiat onramp /offramps, Ankr AppChains will empower our clients to build in a way that removes the barriers to entry which have hindered widespread adoption of Web3, enabling a smooth transition for new blockchain users, resulting in steady, consistent adoption of crypto over time.” – Kev Silk, Product Manager, Ankr AppChains
What Does the TransFi Feature Mean for AppChains?
Ankr’s partnership with TransFi means that all AppChain projects now have an optional feature available to improve their Web3 application experience: a built-in fiat onramp and offramp solution. Fiat onramps allow Web3 app users to convert traditional fiat currency, such as US dollars, Euros, and Yen, into cryptocurrency, letting them skip the process of buying tokens on an exchange and potentially transferring them multiple times.
By choosing to include a TransFi integration for their project, enterprises can empower their new Web3 applications to:
- Enable seamless purchasing of the AppChain’s token
- Provide an easy, affordable, and user-friendly onboarding experience
- Increase conversion rates and turn prospective users into devoted community members
Transforming the Web3 App Experience
On top of every other improvement to scalability and UX that AppChains offers, a fiat on & offramp makes the experience of Web3 apps no more difficult than using any conventional website or mobile app. Easier Web3 experiences are the key for enterprises to win over customers, especially for enterprises with non-Web3 demographics.
How It Works
When logging into the enterprise’s application, users are prompted to create an account or sign in via traditional methods they are familiar with.
Once users need to purchase the AppChain client’s token, they will go through a simple process of connecting a credit card, bank account, or popular local payment methods such as PromptPay.
The user will then select the specific amount of fiat they would like to exchange for the AppChain token. Keep in mind that the user interface can be customized to be consistent with the client’s other branding.
Once the transaction is complete, the funds will be sent to the user’s Web3 wallet, and they will have full access and control over their address and their new assets.
The user is then free to use their new funds in the app, send them to external wallets such as MetaMask, or exchange them back for fiat using the TransFi integration.
Benefits for AppChain Clients
Improving ROI for Enterprises
Having a fiat onramp/offramp solution greatly improves the ROI of Web3 projects for Ankr AppChain clients:
Expands Token Liquidity: Fiat onramps offer more avenues for purchasing tokens. Even if an AppChain client’s token is not widely listed on centralized exchanges like Coinbase or decentralized exchanges like Uniswap, the fiat onramp provides a readymade first stop for all AppChain users. Having the token readily accessible offers greater liquidity with the potential to boost trading volume, TVL, and price stability from the beginning.
Provides Regulatory Compliance: TransFi provides a robust KYC solution that includes instant identity verification and extensive screening to mitigate fraud, meet government regulations, and offer safer experiences.
Enhances Multichain App Utility: TransFi allows AppChain clients to create apps, such as new DeFi protocols, that allow users to purchase all kinds of tokens – not just their native token. That includes BTC, ETH, MATIC, DOT, and many others.
Boosting the Success of New Ecosystems and Their Assets
If a non-crypto user downloads your app and it asks them to top up their account with your token to continue, but your token is difficult to buy, it will is likely game over. However, applications using TransFi as a fiat onramp boast a 90%+ transaction conversion rate, as your application customers will be able to use their country's most popular payment methods to convert fiat into your native tokens.
Opening the Floodgates to Millions of New Users
Much of the world still doesn’t know how to use Web3 applications to no fault of their own. There is a learning curve to purchasing crypto, sending it to different wallets, and interacting with various tools like block explorers. Having a fiat onramp available makes using your application as easy as any platform using digital payment solutions like Apple Pay or Paypal, expanding your market to millions of new users unfamiliar with Web3 experiences.
Benefits for AppChain End Users
Saving Users Time, Effort, and Money
TransFi makes users’ lives easier by creating the fastest way to purchase native AppChain tokens so they can begin interacting with Web3 apps immediately. Furthermore, users can avoid all of the extra processes and fees associated with purchasing tokens on an exchange, transferring them to another wallet, and then finally sending them to the AppChain wallet.
Making Web3 Applications Extremely User Friendly
The TransFi fiat onramp feature allows users to connect the most popular payment options unique to their home countries and use them to purchase tokens. With over 140 countries supported, TransFi allows users from all types of economies to use payment methods that are convenient for them.
Making Life Easier Even for Experienced Web3 Users
Just because you are well-versed in Web3 experiences doesn’t mean you’ll want to go through all the additional processes and gas fees associated with finding and purchasing tokens on an exchange and then deploying them on an application. The TransFi integration offers an easy way to purchase tokens while still letting advanced users send them to other wallets or blockchains as they wish.
The optional TransFi feature helps make Web3 applications more user-friendly and boosts the success of new ecosystems and their assets. Ankr will continue to offer every scalability and UX improvement possible for enterprises developing Web3 projects with AppChains. With Web3 applications offering user experiences that rival the seamless flow of their Web2 counterparts, but with unique digital asset benefits, we are truly starting down the path of onboarding the next billion users to the future web.