Nimiq makes swapping fiat for crypto as easy as using the internet
Open-source blockchain project Nimiq recently announced the launch of the Nimiq OASIS (Open Asset Swap Interaction Scheme) protocol. Together with German TEN31 Bank, OASIS allows for direct bank-to-crypto exchange via non-custodial atomic swaps.
Nimiq designed OASIS to provide a secure and decentralized experience for Nimiq and BTC users, allowing them to buy and sell cryptocurrency up to 830,00 € per month in their self-custodial Nimiq Wallet.
Who is Nimiq?
Launched in 2017, Costa Rica-based Nimiq provides an open-source blockchain ecosystem for payments. Nimiq says its goal is to make cryptocurrency easy to use but without compromising decentralization.
Nimiq does this by running their original blockchain and all applications directly in the user’s browser, making Nimiq’s solutions as easy to use and accessible as the Internet itself. Nimiq says its mission and goal are to create the most accessible and censorship-resistant payment solutions to enable barrier-free value exchange for everyone.
“We started the Nimiq project to make cryptocurrency accessible, usable, and secure for everyone,” said Philipp von Styp-Rekowsky, Tech Lead and co-founder of Nimiq, in a press release.
“It was clear to us that without a technology with which the new cryptocurrencies could easily be bought, sold, or exchanged, there would be no mass market. With Nimiq OASIS we have now overcome this barrier.”
How the technology works
An atomic swap is a smart contract technology that enables the exchange of one blockchain asset for another without using centralized intermediaries, such as exchanges. Atomic swaps use special Hashed Time-Lock Contracts (HTLCs) and usually take place directly between blockchains of different cryptocurrencies.
Nimiq created the world’s first HTLC for fiat money (EUR), enabling a completely non-custodial exchange between fiat and crypto. According to Nimiq, OASIS users can buy and sell up to 830,00 € per month without registration or providing personal data. Nimiq charges a 1.25% fee per transaction, also aiming to be the cheapest way to buy and sell crypto.
Nimiq OASIS is currently available in the Nimiq Wallet for users in Europe, but the team has plans to launch in Central America and other regions as soon as possible. “OASIS is a revolution in trading with cryptocurrencies,” said Matthias von Hauff, CEO of TEN31 Bank, in a press release. “With this project, we have come a lot closer to our goal of making trading with cryptocurrencies easy and offering everyone involved real added value.”
Partners welcome: OASIS is an open technology
With the OASIS protocol, on one hand, currencies such as Euros, Dollars, or Swiss Francs can be used programmatically like tokens on a blockchain. On the other hand, it creates the fastest, safest, and most efficient way to buy, exchange and sell cryptocurrencies such as Bitcoin.
In the B2B area, both decentralized exchanges and OTC services and applications – in fact, all decentralized financial services (DeFi) – can use the OASIS protocol to efficiently process transactions between fiat and cryptocurrencies.
Disclaimer: This is a paid post and should not be treated as news/advice.