In this post.:
- LogX partners with Transak to incorporate Transak One in its ecosystem to allow seamless fiat-to-DeFi trading without intermediary crypto transactions.
- The collaboration aims to utilize technologies like Arbitrum and Hyperlane for high-speed and gasless trading across multiple blockchains.
- Transak One will condense the multi-step transaction process into a single action, simplifying access to LogX’s decentralized trading ecosystem.
LogX and Transak announced their collaboration on November 28 to integrate Transak One on the LogX Network to simplify onboarding and trading on the platform. The partnership also aims to enable traders worldwide to seamlessly purchase and directly deposit funds into smart contracts.
Transak One revealed that its user-friendly capabilities will reduce the barriers in LogX required in accessing the decentralized derivatives market. The company also mentioned that the new partnership aims to condense the process of transferring funds on LogX by bypassing the need for intermediary crypto transactions. LogX also revealed it will utilize other features like Arbitrum Orbit Stack, Avail Network, and Hyperlane Network.
LogX seeks to mitigate transaction processes using Transak One
LogX Network believes the partnership will complement its advanced trading functionalities, including perpetual futures, memecoin trading with instant order matching, and trading tokenized RWAs. The company aims to use Transak One to reduce the multi-step process required to first access crypto to interact with smart contracts.
The firm pointed out that Transak One will condense the transaction process for its users into one step. The company expects users will not have to buy $ETH, swap for $USDC (while retaining $ETH for gas), and then deposit USDC into the trading account. LogX users are expected to now directly deposit USDC into their trading account using fiat payment methods, which will bypass the need for intermediary crypto transactions.
“By integrating the best Web3 payments solution, we’re ensuring a smoother entry into DeFi for traders worldwide, delivering on our promise of efficiency, transparency, and scalability.”
-Akshit Bordia, Co-founder of LogX Network.
LogX Co-founder, Akshit Bordia, also admitted that integrating Transak’s industry-first fiat-to-smart contract capabilities will allow LogX users to instantly onboard and access its trading ecosystem. The company expects that the integration will remove gas fees to create a centralized exchange (CEX)-like experience within a decentralized environment.
The firm aims to utilize the Arbitrum Orbit Stack for high scalability, Avail Network for reliable data availability, and Hyperlane Network for cross-chain messaging. The company seeks to become the go-to platform for retail and professional traders by offering unparalleled speed, security, and trading efficiency.
Transak One aims to simplify DeFi onboarding on LogX
Transak wants to continue its commitment to security and data protection through ISO/IEC 27001 and SOC II certifications to ensure effortless conversion of fiat to crypto. The Web3 payments infrastructure believes that the partnership will make crypto more accessible to a wider audience. The firm hopes its platform will eliminate the traditional bottlenecks of entering DeFi for both everyday retail investors and advanced traders.
Sam Start, CEO of Transak, mentioned that the partnership with LogX Network represents a milestone in simplifying DeFi onboarding. Start argued that integrating Transak One’s capability of seamless fiat-to-smart contract interactions will help LogX users instantly deposit USDC without the usual multi-step process. Tranak’s CEO also said he is looking forward to seeing how their company’s product will shape the industry through partners like LogX.
Both companies maintained that integrating LogX’s gasless and real-time pricing infrastructure with Transak’s payment capabilities will provide a one-stop solution to convert fiat into crypto and engage with DeFi seamlessly.
