Sovryn Launches New-and-Improved Fiat Onramp via Transak

brought to you by sovryn

May 27, 2021

Sovryn continues to expand its usability with a fiat onramp. Thanks to our partnership with Transak, Sovryn users can purchase crypto directly through the platform via a range of fiat currencies. This great feature is an easy way to get Sovryn crypto and get ready to take advantage of everything the platform has to offer.

Transak like a pro!

Founded in 2019, Transak enables onboarding of global users from fiat to crypto and back using local payment methods – Sort of like a payment gateway, but for cryptocurrency.

Transak has wide coverage with various payment methods for a large number of countries (60+) including bigger countries like Australia, USA, South Africa, India, Japan etc. as well as smaller countries such as Malta, Costa Rica, Latvia, Tanzania and Nepal.

The whole list of countries and currencies supported by Transak and the corresponding fees can be found here.

How to Get Started

You will need a compatible wallet connected to the Sovryn dApp

After connecting your wallet, you can use your credit or debit card to purchase rBTC easily through the Sovryn platform. You can achieve this by following these simple steps:

Step 1: Visit the Sovryn dApp.

Step 2: Engage your Web3 wallet after making sure you have selected the RSK mainnet option.

Step 3: Visit the Portfolio tab on the platform and choose the Buy option next to rBTC

Step 4: Now select Buy rBTC with Fiat. This will generate a unique Bitcoin deposit address for you, where your purchased BTC will get stored for conversion into rBTC. Please note: never send or deposit anything other than BTC to this address!

From here, the purchased BTC will be pegged through the RSK network to ultimately reach your connected wallet in the form of rBTC. The purchased BTC to rBTC ratio will be pegged at 1:1.

Step 5: Confirm and approve the transaction on your selected bank card.

To do this, a popup window appears to confirm the following details:

  • Enter the fiat amount you want to convert to BTC (which will ultimately arrive in your Sovryn-linked wallet as rBTC)
  • Select your fiat currency and payment method
  • Check the fees and the BTC/fiat rate
  • Verify the estimated amount of BTC (ultimately to rBTC) with the possible slippage percent due to the processing time involved
  • Once you have verified the parameters, click Buy Now.

The processing time can take up to 2 days (fiat world is not as fast as crypto!), your purchased rBTC will be deposited into your connected wallet on the RSK Mainnet and will show up on the Sovryn Wallet Interface.

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