💳 Transak Off-Ramp
What is Transak Off-Ramp?
Transak Off-Ramp is a solution built for dApps, protocols, games, wallets, CeX, DeX or any business which wants to provide their users any ability to liquidate their cryptocurrency holdings to the fiat currency of their choice, all in a span of few minutes!
Transak provides you an opportunity to enable off-ramp for your users in 40+ cryptocurrencies across 20+ networks! We are live in over 115+ countries as of now with 70+ fiat currencies, thus ensuring you get access to the largest crypto as well as geographical coverage in the industry.
Off-Ramp Cryptocurrency & Geographical coverage:
Checkout the detailed cryptocurrency coverage here.
For geographical and payment method coverage, click here.
This means users don't need to do multiple separate transactions in order to sell their crypto holdings nor worry about the complexity of off-ramping for different assets. Users can easily off ramp their crypto assets to their local currency.
Integrating Transak Off-ramp makes it even easier for DeFi, crypto games or any dApp to provide an exit option to their users, thereby increasing user accessibility and control over their assets.
If your app could benefit from users off-ramping to a fiat currency of their choice, and you want to integrate Transak Off-ramp, then please contact us at [email protected].
Problem
Users had to go through the following steps to off-ramp earlier:
- Figure out whether an exchange allows off-ramping in the cryptocurrency held by the user
- Learn about swapping and bridging
- Swap one crypto for another and bridge it across blockchains to get it to an acceptable cryptocurrency on a supported network by the exchange
- Bear the brunt of gas fee for every swap and even higher fees while bridging assets
- Sell the final cryptocurrency on exchange
- Transfer fiat to their bank account
Each of these steps require technical understanding, time to execute different transactions, and charge transaction (gas) fees and bridging fees, resulting in more transactions for the user. This complexity unfortunately makes exiting from crypto a big hassle for the user.
Solution
After integrating with Transak Off-Ramp, a user has to go through a couple of steps to liquidate their crypto holdings, as highlighted below:
- First time users need to go through our simple one-time KYC
- Post this user can simply complete the crypto payment from their wallet, every time they want to liquidate their crypto holdings. That's it!
Behind the scenes we reconcile the crypto payment made by the user and transfer equivalent fiat in the chosen currency to the user's bank account, all in a span of few minutes!
Example:
Our Query Parameters are highly configurable and customisable. For more details on query parameters
User Flow for Transak Off-Ramp
Handling Crypto Transfer
- Recommended for wallets, exchanges, DEXs, dApps etc. who are redirecting users to our website in a new tab on desktop browser. Pass a redirectURL query param along with walletRedirection=true in the SELL flow. This will ensure that user is redirected to your withdrawal page with additional order data appended in the redirected URL which can be used to pre-fill the withdrawal page. This ensures a smooth user experience.
- Recommended for wallets, exchanges, DEXs, dApps etc. who are opening Transak widget in an in-context browser like:
- Web-view (Android or iOS)
- iFrame
Pass walletRedirection=true, which will send a frontend event called WALLET_REDIRECTION to your in context browser along with order metadata using which the crypto withdrawal page can be pre-filled for the user thus making their journey seamless.
- If you want the user to deposit crypto themselves then you need not send any query params as mentioned above. User is shown the destination wallet address to which they have to transfer crypto in the widget itself. This is the default behaviour and no additional configuration is needed for this.
Note:
The WALLET_REDIRECTION frontend event along with order metadata is sent in both, cases 1 & 2. It is upto the partner to decide how they want to handle the user redirection.
Payout Methods
We are currently live with the following payout methods:
- Card Payouts: We are live with both Visa & Mastercard debit card payouts. Visa debit card payouts are enabled for 117 countries as of now whereas Mastercard debit card payouts are enabled for 30 countries, pre-dominantly the European Economic Area (EEA) & UK.
- Sepa Bank Transfer: Available for 40 countries in the EEA. Supports EUR payouts.
- Faster Payments: Available in the UK for GBP payouts.
Note:
Card payouts are only supported for debit cards at the moment. The countries and currencies supported by Visa & Mastercard debit cards vary. This info is available in our fiat currencies API.
Use Cases
Transak Off-Ramp can improve the user accessibility of any dApp and provide users more control over their crypto holdings. It’s particularly helpful for dApps that are targeting mainstream users, users who are still familiar with web2 and have little or no knowledge of web3.
Players in the following domains can benefit a great deal by integrating with Transak Off-Ramp:
- DeFi apps,
- Crypto games,
- Wallets
- NFT dApps,
- DEXes,
- Protocols
- Neo-Banks etc.
Supporting Blockchains, Cryptocurrencies & Countries
Blockchain Support: Transak Off-Ramp is available for 13+ networks as of now!
Supporting Cryptocurrencies: Transak Off-Ramp is available for 40+ cryptocurrencies as of now!
Countries Supported: We support off-ramping in 40+ countries as of now and plan to expand our geographical coverage rapidly! You can check it out here.
In case you want support for a cryptocurrency or network that is not mentioned in the list below, then reach out to us at [email protected].
List of supported Blockchains & Cryptocurrencies
Check it out here.
Partner Integration
A new partner has to follow the following steps to integrate Transak Off-Ramp with their web3 app:
- Sign up on Transak Partner Portal
- Staging Integration: After signing up to our partner portal, go to the settings tab and enable 'SELL' in the 'Products Enabled' section and fill the 'Sell Fee Percentage' you want to charge your users. You can readily use the staging API Key and Secret to do staging integration and test the product
- Submit KYB: Partners have to submit details and documents required to complete a one-time KYB Form in order to get access to production API Key and Secret
- Compliance review: Once the KYB form is submitted, then our compliance reviews the the details furnished. This process takes up to 2-3 days.
- Production Integration: Once the KYB is approved, partner gets access to the production API Key and Secret and they can do production integration and test. Transak will review the integration once completed
- Go live 🚀
Just 1 Step Integration Process for Existing Partners:
- Existing partners who have an approved KYB, can directly go to their partner portal 'Settings' tab and enable 'SELL' in the 'Products Enabled' section and fill the 'Sell Fee Percentage' they want to charge their users.
Integration Options Available
To read more about the integration options available, please click here.
Customisation Options Available:
To read more about the customisation options available, please click here.
Whether you're just starting your project or a large established firm looking for a crypto off-ramp solution, integrating and customising Transak is an easy process. The simplest technical integrations can be done in just 5 minutes!
If your business could benefit by offering users a way to off-ramp seamlessly and want to integrate Transak Off-Ramp then please click here and fill the short form and our sales team will reach out to you. You can also reach out to us at [email protected].
The Transak Advantage
Transak Off-Ramp provides you an opportunity to increase your revenues without handling:
- The complex process of doing user KYC.
- Ensuring adherence to regulation & compliance.
- Handling cryptocurrency payments.
- Integrating with payment providers to process fiat currency payments.
- Reducing risks & frauds.
Transak takes care of all the above complications such that your users get the best experience always and you get to focus on your business while adding an additional source of revenue.
Seamless KYC: We ensure only genuine users get access by handling the hassles of approving or rejecting user KYC by doing:
- ID Check
- Liveness Check
Regulated & Compliant: We are a registered crypto asset firm under UK FCA and take care of all the compliance needs on your behalf.
Risk Engine: Our proprietary risk engine ensures that fraudsters always stay at bay, and you get to bear no risk at all. Some of the checks done by us include:
- PEPs & Sanctions
- IP, Email & Phone Number
- Wallet Scan
- KYB
- Velocity Checks
Cryptocurrency Coverage: We take care of receiving crypto payments, reconciling them so that you can just focus on your business. You can find the list of cryptocurrencies and networks that we support here . We work actively to expand our coverage!
Processing Fiat Payments: We have integrated with various global and local payment providers to process fiat payment instantly into your user's account. You can find our fiat coverage here.
If you would like us to integrate Transak Off-Ramp into your app or website then please click here and fill the short form and our sales team will reach out to you. You can also reach out to us at [email protected].
Updated 2 months ago