Transak Provides Cometh Industry-First Fiat-to-Layer 3 Onboarding Solution

Transak is thrilled to announce a ‘much-needed-for-Web3’ partnership with Cometh. This collaboration makes Transak the first-ever direct on-ramp of any Layer 3 blockchain through an innovative fiat-to-smart contract integration.

With this integration, users can purchase cryptocurrencies directly on Cometh's Arbitrum Orbit, Muster. This advancement eliminates the need for crypto tokens, gas tokens and any complex bridging processes, providing a more efficient user experience. This means that players of Cosmik Battle, a Web3 game developed by Cometh and deployed on Muster, can seamlessly buy cryptocurrency using a credit card allowing them to acquire cards from peers within the game’s marketplace.

“We're thrilled to see Transak and Cometh's integration, bringing the first direct fiat on-ramp to Muster Network, a Layer 3 blockchain on Arbitrum Orbit. This partnership simplifies user experience, unlocks mainstream adoption potential, and showcases the power of building innovative solutions on Arbitrum's scalable infrastructure. It marks a significant milestone in the growth of our Layer 3 ecosystem," said Steven Goldfeder, Co-founder and CEO, Offchain Labs.

The traditional approach to implementing on-ramp solutions for direct cryptocurrency purchases on Layer 3 blockchains has been both costly and complex as multiple steps, like transacting with smart contracts and bridging tokens, could not be automated from fiat currency initiation. Integrating Transak One with Cometh’s Muster offers a streamlined and affordable alternative, fostering greater accessibility and user-friendliness within the Web3 ecosystem. This partnership addresses the significant challenge faced by dApp developers and Layer 3 blockchains by providing a direct on-ramp through automated interactions at the protocol level.

Here’s how it works:

1. User Initiation: Users can purchase ETH on Muster L3 via Transak One without leaving Cosmik Battle.
2. Integration: Transak calls a function on Cometh's Arbitrum One smart contract, bridging ETH directly to the user's smart wallet on Muster.
3. Direct Delivery: The entire transaction is completed in less than two minutes, ensuring immediate access to their funds on Muster for marketplace interactions.

Previously, users interacting with the NFT marketplace on Muster’s chain had to purchase their cryptocurrency on a Layer 2 solution like Arbitrum One and bridge it to Muster. This process was cumbersome and presented a barrier to entry for most users. This Transak integration simplifies the consumer experience, allowing them to purchase ETH on Muster with just a credit card, making the process faster and more convenient.

"Cometh’s partnership with Transak marks a breakthrough for the whole Ethereum ecosystem. By combining cutting-edge account abstraction and Transak onramp services, we are able to offer the cheapest and most straightforward way for users to get crypto on a wallet they can use immediately. Our collaboration does not require locking up liquidity or complex infra deployment, it works at scale and is available for any blockchain willing to onboard better.” said Jerome de Tychey, Founder and CEO of Cometh.

Transak is renowned for its Web3 onboarding and payments infrastructure solutions for dApps and Web3 games. Their platform allows developers to integrate API-driven fiat-crypto onboarding solutions, enabling users to buy cryptocurrency using familiar Web2 payment methods.

Cometh is a leader in the blockchain industry and offers a comprehensive Web3 development platform that allows developers to embed Web3 capabilities into their games and apps easily and securely. Cometh’s products include SDKs for an embedded biometric wallet, marketplace, and NFT checkout.

“Layer 3 blockchains are crucial for scaling transaction processing, but the lack of on-ramp solutions has hindered user adoption. By seamlessly integrating Transak One with Muster, we have exemplified what intuitive solutions can do for the broad adoption of peer-to-peer systems and accelerated the growth of Layer 3 applications,” said Sami Start, CEO & Co-founder of Transak.

About Transak

Transak is the world's most compliant and largest Web3 payments infrastructure provider, serving over 5 million users across 160 countries. It powers 350+ platforms, facilitating the purchase and sale of digital assets with its API-driven fiat-crypto on/off-ramp, NFT checkout, and other solutions that simplify KYC, compliance, payment methods, and customer support.

Transak One is the first, and only one of its kind, solution that brings on-ramp-like intuitive onboarding functionality to users interacting with smart contracts. By providing a fully functional fiat-to-smart contract solution, Transak One allows users to do any on-chain smart contract interaction like bridging, swapping, staking, depositing liquidity, etc with one simple fiat transaction.

Headquartered in Miami, US, and incorporated in Delaware, Transak has a tech hub in Bengaluru and offices in London, Milan, Dubai, and Hong Kong.

About Cometh

Cometh is a leader in the blockchain industry and offers a comprehensive Web3 development platform that allows developers to embed Web3 capabilities into their games and apps easily and securely. Cometh’s products include SDKs for an embedded biometric wallet, marketplace, and NFT checkout. Cometh has also developed several web3-enabled games including Cosmik Battle, a next-generation trading card game.