Transak Expands into Hong Kong to Support Development & Growth of APAC’s Nascent Digital Asset Ecosystem

chainwire

Transak, the leading Web3 payments and onboarding solution, announces its strategic expansion into the Asia Pacific (APAC) region with the establishment of an official entity in Hong Kong.

Following a successful Series-A funding round mid-2023, led by prominent investors including Animoca Brands, Transak aims to leverage Hong Kong’s unique position as a global financial hub and gateway to the APAC market.

This expansion is set to facilitate better access to alternative financial markets across the region, supported by Hong Kong’s forward-thinking regulatory framework for cryptocurrencies and digital assets. Transak plans to enhance local engagement by supporting commonly-used payment methods and integrating with Hong Kong’s Faster Payment Network, aligning with its mission to simplify Web3 accessibility.

Transak is dedicated to reducing the high barrier to entry typical of today’s Web3 applications. By simplifying the complexities of crypto transactions, public key cryptography, and smart contracts, Transak’s Hong Kong-based entity aims to significantly boost Web3 service adoption across APAC. The company’s commitment extends to full compliance with Hong Kong’s regulatory standards, ensuring a smooth and compliant operation.

A testament to its commitment to regulatory excellence, Transak operates across 150+ countries, adhering to an extensive array of regulatory compliances. Notably, Transak was among the first global on/off-ramps to secure an FCA license in the UK in early 2022. By mid-2023, Transak achieved FIU compliance in India and is registered as a Virtual Asset Service Provider (VASP) in Poland, EU. In the US, Transak is registered as a Money Services Business (MSB) with FinCEN, underscoring its global compliance and operational standards.

Recognizing the complexities of local regulatory compliance, Transak is set to hire a team of local directors and experts in Hong Kong. This initiative will ensure adherence to all local regulations, facilitating active engagement with policymakers and regulatory authorities to shape the future of digital assets in the region.

“Transak sees Hong Kong as an ideal base to launch its operations and propel growth in the APAC region’s dynamic and innovative Web3 economy,” said Transak General Manager of APAC, Maximilian von Hulewicz, in a statement. “Hong Kong is a renowned global financial hub and stands as the gateway to the greater APAC region, boasting one of the world’s most crypto-friendly regulatory regimes. By establishing our base here, Transak is ideally poised to help drive the expansion and adoption of its compliant and user-friendly crypto onboarding services and help usher in the next generation of Web3 enthusiasts.”

Transak’s efforts to capitalise on Hong Kong’s strategic APAC position and positive digital asset outlook include key collaborations with local fintech companies and institutions. The company has already gotten the ball rolling in that regard, recently signing on as a member of Web3 Harbour – one of Hong Kong’s leading Web3 communities and ecosystem builders that champions cross-sector industry collaboration – to accelerate the development and adoption of blockchain technologies and the decentralised internet.

“We are thrilled to see Transak expanding into Hong Kong and we are delighted to count it as one of Web3 Harbour’s newest members. This marks a positive milestone in the growth of the digital asset ecosystem in the APAC region,” commented Gary Liu, Chairman, Web3 Harbour.

Transak’s expansion to Hong Kong is also supported by Animoca Brands, which participated in the Series-A funding announced by Transak in May 2023. Yat Siu, co-founder and executive chairman of Animoca Brands, said in a statement, “We’re delighted by Transak’s strategic expansion into Hong Kong, establishing the city as its gateway to the Asia-Pacific region. Having already backed Transak in its Series A funding last year, we’re thrilled to support its endeavor to facilitate seamless user onboarding for potentially over a billion users in Asia as the company seeks to replicate its success from the US, Europe, and beyond.”

About Transak

Transak is a global Web3 payment and onboarding infrastructure provider, facilitating seamless transitions between traditional finance and crypto assets. Web3 platforms using Transak can embed the best way to onboard users by enabling them to buy or sell crypto assets from 150+ countries, as Transak abstracts away the complexity of user KYC, risk monitoring, compliance, payment methods and customer support.

Transak’s product suite includes robust fiat-to-crypto services (on/off-Ramps), a fiat-to-smart-contract solution (Transak One), and a fiat-to-NFT checkout solution. As a regulated, non-custodial payments layer, Transak supports onboarding to 160+ crypto assets across 75+ blockchains. Trusted by over 350 applications, including MetaMask and Coinbase Wallet, Transak  makes Web3 applications more accessible.

For more information, visit https://transak.com/ or follow us on https://twitter.com/Transak.

Disclaimer: The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute investment or financial advice or an offer to invest.

  • Read this next

    Digital Assets

    Bitcoin breaks all records with a massive $1.347 billion transaction

    This transaction has surpassed previous records, setting a new benchmark for Bitcoin trades. Before this event, the largest Bitcoin transactions included a $1.1 billion trade in April 2020 involving 161,500 BTC, and other significant transactions ranging from $491 million to $1.033 billion throughout 2019 and 2020.

    Digital Assets

    Uniswap debuts Ethereum ‘uni.eth’ subdomains

    Decentralized exchange platform Uniswap has integrated Ethereum Name Service (ENS), allowing users to create human-readable domain names and cryptocurrency wallet addresses using .eth endings.

    Web3

    Magic Square Expands with TruePNL Acquisition

    Binance’s web3 app store, Magic Square, acquired token platform TruePNL in a cash deal this week for an undisclosed sum. The deal brings TruePNL’s infrastructure (excluding branding & token) under Magic Square’s wing. Initially seeking a partnership, Magic Square opted for a full acquisition.

    Crypto Insider

    The Future of Prediction Markets? Zeitgeist Launches Decentralized Court System

    Polkadot-powered prediction market protocol Zeitgeist has announced the launch of its latest innovation: a decentralized court system.

    Digital Assets

    Crypto exchange Kraken fires back at SEC lawsuit, claiming overreach

    Crypto exchange Kraken is pushing back against the U.S. Securities and Exchange Commission (SEC), seeking to toss out a lawsuit that accused the platform of operating without proper registration.

    Industry News

    Exness Named a Best Place to Work in 2024

     Global leader Exness, tops in retail trading volume, earns 2024 “Best Place to Work” award, cementing its employee-centric culture after three prior years of winning the Cyprus national title.

    Digital Assets

    Swan Bitcoin taps Bakkt for crypto offering in the US

    “We are thrilled to be taking this exciting step forward in our partnership with Swan. This is just the beginning of our collaboration, as we intend to explore further growth opportunities together in the future, including expansion into international markets.”

    Digital Assets

    Polkadot Awards Bifrost a 500,000 DOT Loan to Enhance Liquid Staking Adoption

    Bifrost, a leader in liquid staking solutions, has secured a 500,000 DOT loan from Polkadot’s treasury to expand the reach and utility of its vDOT product within the ecosystem.

    Digital Assets

    FTX cleared to sell $1 billion stake in AI outfit Anthropic

    A Delaware bankruptcy court just approved a plan allowing the now-defunct FTX and its creditors to offload the exchange’s $1 billion stake in AI outfit Anthropic.

    <