The prestigious financial company, Transak has on Monday, May 11, announced its incorporation with Chainlink, a widely respected blockchain oracle network. The incorporation is done in a bid to make Transak’s fiat/crypto onramp aggregator solution available to smart contracts.
In a statement released by Transak, Chainlink is one of the market-leading decentralized oracle network, hence it will influence the availability of Transak’s fiat and crypto which is presently available on a one-sided aggregator to smart contracts.
Transak’s API offers support for more than 200 cryptocurrencies and accepts 10 fiat currencies in close to 30 countries.
It is believed that the Chainlink, nodes through its external adapter technology, will in two ways connect decentralized applications directly to Transak API, this will birth the use of traditional gateways for the purchase and selling of crypto by dApps.
Making of Traditional Payment in Smart Contracts
The inability to indigenously access external systems remains a major setback for smart contracts, this factor prevents them from linking with fiat payment gateways, thereby serving as an adversary to potential crypto users as a large percent of the world population utilizes fiat currency as their prime exchange value.
Although, the connection of smart contract to Transak’s crypto/fiat gateways would birth quite a number of opportunities, there are no doubt three exceptional use cases that will bring instant value to crypto users and decentralized apps.
This use cases include recurring crypto to fiat and fiat to crypto payments, Automated on-chain allocation of funds based on fiat/crypto payments and Crypto to fiat payments triggered by on-chain data
