Transak and Cometh Pioneer Direct Fiat-to-Layer 3 Blockchain Onboarding

31 May 2024

Transak has partnered with Cometh to introduce an industry-first integration technology that simplifies the onboarding process from fiat currency to a Layer 3 blockchain. This novel integration and technology development by Transak facilitates direct purchases of cryptocurrencies on Cometh's Arbitrum Orbit chain, Muster, streamlining the process especially for Web3 game players.

Traditionally, accessing Layer 3 blockchains involved multiple steps, including the purchase of cryptocurrencies on a Layer 2 solution followed by a bridging process to Layer 3. This method proved cumbersome and often acted as a barrier to entry for many potential users. Transak's innovative solution with Cometh's Muster eliminates these hurdles by enabling direct purchases of ETH using a credit card through the Cosmik Battle game interface.

This integration represents a significant enhancement in user experience, making it far quicker and more convenient for users to engage with the blockchain and participate in the game's marketplace. It notably reduces transaction completion times to less than two minutes, ensuring that users have almost immediate access to their funds on Muster for marketplace interactions.

Jerome de Tychey, Founder and CEO of Cometh, commented on the collaboration's impact:

"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.”

Both Transak and Cometh are established players in the blockchain and Web3 space. Transak is recognized for its robust Web3 onboarding and payments infrastructure, which supports developers in integrating fiat-crypto onboarding solutions through familiar Web2 payment methods. Cometh, on the other hand, has been at the forefront of developing secure Web3 capabilities that can be easily integrated into games and apps.

This partnership not only simplifies the acquisition of cryptocurrencies but also paves the way for a broader adoption of Layer 3 solutions. Sami Start, CEO & Co-founder of Transak, emphasized the strategic importance of this integration, stating, “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.”

Final Thoughts

The collaboration between Transak and Cometh is a step towards simplifying and demystifying the process of engaging with blockchain technologies. By providing a direct, intuitive pathway from fiat to smart contracts on Layer 3 blockchains, this partnership not only enhances the user experience but also supports the expansion of the blockchain ecosystem, making it more accessible to a wider audience.

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Vested Interest Disclosure: This author is an independent contributor publishing via our business blogging program. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR.