Transak adds support for Etherlink

Transak integrates Etherlink to amplify Web3 adoption by making it more accessible for everyone. Since its launch, Transak has been a strong advocate for financial independence — allowing users to manage their digital assets themselves by providing cutting-edge Web3 payment solutions, and supporting over 170 cryptocurrencies in more than 160 countries.

Our aim to make next-gen assets accessible matches the ethos of Etherlink — an EVM-compatible, Layer 2 blockchain powered by Tezos Smart Rollups technology: it’s not only super fast, it’s a fair and open network where transaction fees are not a barrier (they are nearly free).

Integrating Transak with Etherlink streamlines the onboarding process, allowing users to effortlessly acquire assets on Etherlink without the hassle of dealing with traditional exchange complexities. This will transform the Web3 user experience and ultimately advance the technology’s adoption.

What is Etherlink?

Etherlink is a layer 2 blockchain, fully compatible with the Ethereum Virtual Machine (EVM), and built upon the secure foundation of Tezos L1. It enables seamless integration with existing Ethereum tools, including wallets and indexers, and facilitates asset transfers to and from other EVM-compatible chains. 

It employs optimistic rollups, which bundle many transactions together and handle them outside the main Tezos  network. This method reduces the load on Layer 1 and allows for more transactions to be processed quickly. 

There is no ‘tax’ on this speed. Fees on Etherlink are as low as it gets, at a fraction of a cent. Additionally, this L2 empowers developers to create and participate in the next generation of decentralized applications (dApps) on a permissionless, censorship-resistant platform.

Why use Etherlink?

• It’s fast: Etherlink offers a developer-friendly platform with minimal wait times. Thanks to its sequencer, it provides low latency and sub-second confirmation times. It uses Tezos' 2-block finality guarantee and the rapid execution of Smart Rollups, ensuring fast and secure transaction finalization.

• It’s fair: Etherlink’s governance integrates with Tezos' transparent, fraud-proof system, allowing stakeholders to propose and vote on protocol changes. Anyone can run a node, post, and challenge commitments, and contribute to network security without centralized control. This ensures users retain complete control over their assets, fostering a fair and secure environment.
• It’s (nearly) free: On Etherlink, ERC-20 transactions cost $0.001 or less, promoting cost-effective usage for innovation. Security is bolstered through Tezos Smart Rollups integrated directly into Layer 1, minimizing gas fees. This architecture enables application development without concern for high transaction costs.

Bridging the Gap to Etherlink: Streamlining the Journey into Cryptocurrency

Adopting cryptocurrencies encounters a significant barrier: the complexity of acquiring and managing digital assets, particularly on Layer 2 (L2) solutions like Etherlink. While L2 solutions offer scalability and reduced transaction costs, users often face intricate processes to move assets between layers, discouraging potential adopters.

Transak steps in to bridge this gap with our intuitive and user-friendly on-ramp solutions. Many users encounter multiple steps when acquiring crypto assets; signing up on an exchange, verifying identity, purchasing cryptocurrencies, and transferring them to a specific L2.

Transak addresses these challenges directly, with its streamlined interface, Transak simplifies the process of buying crypto assets. Users can convert their fiat currency directly into crypto assets on Etherlink without navigating between different platforms. This seamless experience is further enhanced by Transak’s support for a wide variety of payment methods, including bank transfers, credit cards, and over 20 local payment options.

Transak and Etherlink: Powering Effortless Crypto Access

Transak's expansive global presence and Etherlink's scalable infrastructure form a powerful alliance, especially for newcomers to the crypto sphere. Operating in over 160 countries, Transak facilitates access to multiple local currencies and various payment methods, breaking down entry barriers and catering to diverse user preferences worldwide.

Etherlink, an optimistic Layer 2 rollup on Tezos , prioritizes high transaction throughput and low fees, which are vital for accommodating growing user demands. The integration of Transak with Etherlink unlocks myriad use cases across various regions and industries. 

• In emerging markets with limited access to traditional banking, Transak serves as a gateway to the crypto realm, while Etherlink's efficiency facilitates remittances, financial inclusion, and global economic participation.
• In developed markets, Etherlink's scalability supports trading, investing, and DeFi activities, complemented by Transak's seamless payment methods.
• Industries like gaming, supply chain, and digital identity can harness Etherlink's scalability and Transak's on-ramp solutions to innovate and deploy cutting-edge applications, enriching their respective sectors with blockchain technology.

Conclusion

The cornerstone of any blockchain ecosystem's success lies in its capacity to effectively draw in and retain users. For Etherlink, this translates to offering a smooth and streamlined onboarding experience, enabling users to seamlessly engage with its expanding array of dApps and initiatives.

Transak emerges as a pivotal player in this endeavour, serving as an indispensable infrastructure provider that aids Etherlink in empowering developers to build and participate in the next generation of decentralized applications.