Web3 Revolution: Transak Raises $20 Million to Help Smooth Web2-Web3 Transition

The promise of Web3 has been looming for years: a new version of the internet powered by blockchain technology that could revolutionize our digital experiences. While the exact form such a breakthrough would take remains uncertain, startups have stepped up to prove they can bring us closer to unlocking the full potential of Web3. Transak, a Web3 payments startup, raised $20 million in funding to bridge the gap between Web2 and Web3.

Transak to Improve Digital Payment Accessibility with Fiat-to-Digital Asset Solutions

CE Innovation Capital, SBI Ven Capital, Sygnum, and Animoca brands are backing Transak to enhance digital payment accessibility. Transak aims to connect fiat and digital assets through solutions like Transak One and fiat-to-NFT checkouts. Transak handles KYC, risk monitoring, payments, and customer support, and is registered as a crypto asset firm with the FCA.

Transak’s Payment and Onboarding Infrastructure Enhances Web3 Platforms

One of the significant hindrances to wider Web3 adoption is the lack of user-friendly interfaces. Fortunately, some internet infrastructure projects are turning this clunky experience around. Web3 platforms can integrate Transak’s payment and onboarding infrastructure, providing a seamless user experience for cryptocurrency transactions. This could be of particular interest to Web2 users looking for a more streamlined experience while transitioning to Web3.

Bridging Web2 and Web3 with Digital Asset Trading and Financial Services

Transak is among the successful startups in the Web3 space, but there are others gaining funding momentum. In early 2021, Kresus closed a $25 million Series A funding round to develop its Web3 platform, SuperApp. Kresus aims to bridge Web2 and Web3 by offering digital asset trading, financial services, and a universal internet ID.

The Web3 revolution is gaining serious traction, with leading tech companies and venture capital firms eager to get involved. Google Cloud recently announced they will become a validator for the Tezos Blockchain, while Blockstream, QuickNode, Injective and SSV have all raised significant venture capital in recent months. It seems that Web3 is slowly but surely becoming unstoppable.

Transak and others are making Web3 solutions accessible, bringing us closer to a seamless digital payments space.

Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

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Kassidy Florette
Kassidy followed her friends to buy her first Bitcoin in 2015, has been participating in various projects since 2019 as a marketing communication lead. Her knowledge and passion brings her in as a contributor.