crypto-onboarding-themetaeconomist

Transak and Cometh together for world's first solution for crypto onboarding from fiat to layer

4 June 2024

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There is a new way to bridge the difference between fiat money and cryptocurrencies. Transak, a Web3 payments provider, has made an agreement with blockchain development platform Cometh to introduce a simplified fiat money to Layer three (L3) onboarding solution. This new system supposedly makes it easier to purchase crypto assets directly on Cometh's L3 blockchain, Arbitrum Orbit.

The system's model

According to the company's announcement,  the integration allows users to purchase ethereum (ETH) on Muster, Cometh's Arbitrum Orbit platform, without having to manage crypto tokens and gas tokens.

By automating interactions directly via Transak One and Cometh's Web3 development platform smart contracts, the solution eliminates the need for intermediate steps such as token bridging, significantly reducing transaction times.

Before this system, users needed to create a multi-step process involving purchases on a Layer 2 solution and subsequent bridging on Muster. A complicated and time-consuming model. "Transak says users can now directly purchase cryptocurrencies using credit cards on Muster, making entry into non-fungible token (NFT) markets and other blockchain interactions much faster" - Bitcoin.com reported.

According to Steven Goldfeder, co-founder and CEO of Arbitrum development company Offchain Labs, the collaboration “simplifies the user experience, unlocks the potential for mainstream adoption, and showcases the power of building innovative solutions on Arbitrum’s scalable infrastructure".

SOURCE: Bitcoin.com

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