Nimiq & ten31 Bank Enable Buying and Selling Crypto by Bank Transfer – Instantly and Without Signup
Buying crypto can be an overwhelming and troublesome process. Trusting in-transparent and insufficiently regulated crypto-exchange, registered in a faraway jurisdiction, is often the only option. Surrendering personal data in the process is not only a privacy issue, it is a substantial usability barrier too.
Now, Nimiq, the ease-of-use cryptocurrency, and TEN31, the fintech arm of German WEG Bank AG, are excited to present a technological breakthrough: Nimiq OASIS (Open Asset Swap Interaction Scheme), a protocol that makes off-chain assets behave as if they were tokens on a blockchain.
When implemented by a bank, crypto-assets – like NIM or BTC – can be swapped for e.g. Euro almost instantly, at very low fees and without the need to provide personal information, not even an email address. How? Simply by sending a bank transfer.
Nimiq developed the technology, which leverages the concept of HTLC empowered Atomic Swaps, in close collaboration with TEN31 Bank. An informational website about the OASIS technology was released recently. The site targets crypto-businesses and projects interested in integrating OASIS. However, Nimiq and TEN31 are already a step ahead.