Transak (company)
Transak is a global financial technology company that provides payment infrastructure to help facilitate user onboarding into Web3 via fiat money. The company develops consumer products and developer toolkits that enable Web3 applications to accept transactions, using traditional payment methods, such as debit cards, credit cards, bank transfers, and other local payment systems, like SEPA and FASTER.[1][2]
History
The inception of Transak traces back to 2019 when co-founders Sami Start and Yeshu Agarwal met at a networking event and identified the need for more accessible Web3 products.[3] March 2021: Raised $660,000 in a Seed funding round.[4] March 2022: Transak launched Apple Pay as a payment option, further expanding payment choices for users and increasing accessibility to cryptocurrencies.[5] May 2023: Secured $20 million in a Series A funding round led by CE Innovation Capital, with SBI Ven Capital, Sygnum, Animoca Brands, and others.[6] March 2024: Transak integrated support for PayPal’s PYUSD stablecoin, allowing users to purchase PYUSD with fiat seamlessly.[7] August 2024: Became the first US crypto on-ramp to enable wire transfers, catering to high-net-worth individuals and further diversifying payment options.[8] December 2024: Launched Transak Stream, a one-step crypto-to-fiat off-ramp solution.[9][10]
Partnerships
On 12 December 2023, Immutable announced its integration with Transak to power fiat and Web3-based payments for Web3 games.[11]
In January 2024, Transak partnered with Visa Direct to streamline crypto-to-fiat conversion.[12] In June 2024, Ronin Network integrated Transak, enhancing fiat-to-crypto and NFT payments within the gaming ecosystem.[13]
On 2 July 2024, Uniswap Labs announced a partnership with Transak to offer seamless crypto purchases through the Uniswap Wallet.[14][15] In the same month, July 2024, Uranium.io integrated Transak to allow users purchase tokenized physical Uranium using traditional payment rails.[16]
In August 2024, Transak collaborated with Phantom wallet, the fastest growing crypto wallet app, to simplify user interaction with digital assets, enhancing the fiat-to-crypto experience.[17][18][19]
On 29 August 2024, Transak announced a partnership with Sony’s blockchain project, Soneium, to provide fiat on-ramp services.[20][21] In October 2024, Sequence and Transak formed a partnership to enable seamless fiat-to-crypto onboarding for Web3 users.[22] In November 2024, Transak partnered with Zerion Wallet to offer zero-fee onboarding for the Zero Network during a limited-time campaign, after which users will pay a small fee, while the Zero Network itself maintains zero gas fees on Layer 2.[23]
Funding Rounds
March 2021: Raised $660,000 in a Seed funding round.[24]
May 2023: Secured $20 million in a Series A funding round led by CE Innovation Capital, with SBI Ven Capital, Sygnum, Animoca Brands, and others.[25]
Activity
The platform is ISO/IEC 27001:2022 certified. The company is also SOC 2 Type II compliant according to the security standards set by the American Institute of Certified Public Accountants (AICPA).[26][27]
Transak holds various licenses and registrations to operate in multiple countries. In the UK, it is regulated by the Financial Conduct Authority (FCA), while in the US, its entities are registered as Money Services Businesses (MSBs) with FinCEN and has Money Transmitter License in Delaware, USA. Additionally, Transak is registered as a Virtual Assets Service Provider (VASP) in Poland and a Virtual Digital Assets Service Provider (VDA SP) in India.[28][29][30]
Class Action Lawsuit
In March 2025, a proposed class action (Pearson v. Transak USA LLC, No. 1:25-cv-21146) was filed in the United States District Court for the Southern District of Florida.[31] The complaint alleges that a September 2024 data breach exposed the personally identifiable information of at least 23,113 individuals—including full names, driver’s-license numbers and dates of birth—and that Transak failed to implement “reasonable and adequate” cybersecurity safeguards or provide timely notice to affected users.[32]
References
- ↑ Redman, Jamie (2025-02-28). "Uniswap Wallet Integrates Transak Off-Ramp for Global Crypto-to-Fiat Conversions – Defi Bitcoin News". Bitcoin News. Retrieved 2025-03-10.
- ↑ V, Decrypt / Vismaya (2025-03-06). "Payments Infrastructure Provider Transak Expands to Australia Following Exchange Approval". Decrypt. Retrieved 2025-03-10.
- ↑ Zhelev, Ivan. "Interview with Transak Co-Founder, Yeshu Agarwal on Simplifying Crypto Transactions — EthCC Brussels". blockster.com. Retrieved 2025-03-10.
- ↑ "Transak - A Funded Fintech Startup Based Out Of Miami". Datalabs. Retrieved 2025-03-10.
- ↑ "Anadolu Ajansı". Anadolu Ajansı. Retrieved 2025-03-10.
- ↑ "Web3 Payments Firm Transak Raises $20M". CoinDesk. Retrieved 2025-03-10.
- ↑ "Transak adds fiat-to-crypto onramp for PayPal USD". The Block. Retrieved 2025-03-10.
- ↑ "Transak becomes first US crypto on-ramp to enable wire transfers". Cointelegraph. 2024-08-06. Retrieved 2025-03-10.
- ↑ "Introducing Transak Stream: From Crypto-To-Cash In One Click". CoinDesk. Retrieved 2025-03-10.
- ↑ Younas, Umair (2024-12-13). "Transak Launches Transak Stream for Crypto-to-Fiat Conversions". FXDailyReport.Com. Retrieved 2025-03-10.
- ↑ www.binance.com https://www.binance.com/en-ZA/square/post/1274051427226. Retrieved 2025-03-10. Missing or empty
|title=(help) - ↑ "Web3 Payments Firm Transak Joins Visa Direct to Streamline Crypto-to-Fiat Conversion". CoinDesk. Retrieved 2025-03-10.
- ↑ "Ronin Network integrates Transak for fiat-to-crypto and NFT payments". Cointelegraph. 2025-01-09. Retrieved 2025-03-10.
- ↑ "Uniswap Wallet Partners Transak for Smooth Crypto Purchases". www.cryptotimes.io. 2024-07-02. Retrieved 2025-03-10.
- ↑ "Uniswap Wallet Integrates Transak To Enable Direct Fiat-Crypto Transactions". Binance Square. Retrieved 2025-03-10.
- ↑ "Transak, Uranium.io partnership lets users buy tokenized uranium with crypto". Cointelegraph. 2025-01-23. Retrieved 2025-03-10.
- ↑ Davidson, Alisa (2024-12-05). "Transak Collaborates With Phantom To Simplify User Interaction With Digital Assets". Metaverse Post. Retrieved 2025-03-10.
- ↑ Monica (2024-12-05). "Phantom Wallet Integrates Transak for Seamless Crypto Use". Analytics Insight. Retrieved 2025-03-10.
- ↑ Madgula, Malavika (2025-01-27). "Phantom Wallet: The Fastest-Growing Crypto Wallet". Sify. Retrieved 2025-03-10.
- ↑ "Sony blockchain Soneium partners with Transak for global fiat on-ramp services". The Block. Retrieved 2025-03-10.
- ↑ Nguyen, Vivian (2024-08-29). "Soneium integrates Transak to boost web3 payments and mainstream adoption". Crypto Briefing. Retrieved 2025-03-10.
- ↑ Jenz (2024-10-01). "Sequence Partners with Transak to Simplify NFT Purchases". NFT Plazas. Retrieved 2025-03-10.
- ↑ Yadlos, Lidia. "Transak Joins Forces with Zerion Wallet to Power Zero-Fee Onboarding for ZERϴ Network". blockster.com. Retrieved 2025-03-10.
- ↑ "Transak - A Funded Fintech Startup Based Out Of Miami". Datalabs. Retrieved 2025-03-10.
- ↑ "Web3 Payments Firm Transak Raises $20M". CoinDesk. Retrieved 2025-03-10.
- ↑ Redman, Jamie (2024-03-07). "Transak Achieves Industry-First SOC 2 Type 2 Compliance in Crypto Sector – Security Bitcoin News". Bitcoin News. Retrieved 2025-03-10.
- ↑ "Transak Becomes First SOC 2 Type 2 Compliant Global On/Off-Ramp Provider". Binance Square. Retrieved 2025-03-10.
- ↑ "NewRegister". register.fca.org.uk. Retrieved 2025-03-10.
- ↑ www.binance.com https://www.binance.com/en-JP/square/post/15775453839825. Retrieved 2025-03-10. Missing or empty
|title=(help) - ↑ www.binance.com https://www.binance.com/ru-UA/square/post/14371685916457. Retrieved 2025-03-10. Missing or empty
|title=(help) - ↑ Brown, Christopher (12 March 2025). "Crypto Services Provider Transak Sued Over 2024 Data Breach". Bloomberg Law. Retrieved 22 May 2025.
- ↑ "Transak class action claims crypto company failed to protect customer data". Top Class Actions. 11 March 2025. Retrieved 22 May 2025.
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