Transak is pioneering wire transfer support as the first US crypto on-ramp.

Transak, a Web3 payments infrastructure provider, has become the first fiat-to-crypto on-ramp in the United States to offer wire transfers for crypto transactions.

This innovation allows crypto users in the U.S. to fund their digital asset accounts via wire transfers for the first time. According to Sami Start, Transak's co-founder and CEO, introducing a familiar and secure payment method like wire transfers could enhance crypto adoption and make it more accessible to mainstream users. Trusted fiat on-ramps could potentially boost cryptocurrency adoption among mainstream users in the U.S., with some experts predicting the current 560 million crypto users could triple by 2026. Unlike previous fiat-to-crypto on-ramps like credit cards, which have transaction limits and higher fees, wire transfers offer fewer restrictions.

Start believes that wire transfers could be instrumental in reaching the first billion crypto users, noting, "As people become more comfortable using crypto for everyday transactions, we anticipate rapid growth, reaching a billion users in few years. We believe that wire transfers can be a game-changer in accelerating crypto adoption."

Bank transfers could significantly increase new investment in the crypto space. In the UK, Transak experienced a more than four-fold increase in transaction volumes through bank transfers after introducing the feature, according to the firm’s CEO.

Transak's new wire transfer option is available with a minimum of $2,000 and a maximum of $25,000 per transaction. Wire transfers are favored by high-net-worth individuals, which aligns with Transak's goal to offer flexible and diverse payment methods to meet various investment needs.