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Transak, a prominent player in the crypto-to-fiat conversion infrastructure landscape, has announced a significant partnership with MiniPay, Opera’s innovative dollar stablecoin wallet operating on the Celo blockchain. This collaboration aims to democratize access to digital finance by simplifying the on- and off-ramping process for stablecoins, thereby bridging the gap between traditional finance and the evolving world of cryptocurrencies. This integration marks a crucial step in expanding the reach and usability of stablecoins, particularly in regions with limited access to traditional financial services.

The partnership leverages Transak’s robust fiat-to-crypto payment infrastructure to facilitate seamless transactions within the MiniPay ecosystem. Initially, the integration supports three major USD-pegged stablecoins: Celo Dollar (cUSD), Tether USD (USDT), and USD Coin (USDC). This gives users a choice of widely recognized and utilized stablecoins, catering to diverse preferences and requirements. Transak’s global reach further enhances the accessibility of the MiniPay wallet, extending its functionality to users in over 50 countries and territories. This broad geographical coverage is crucial in furthering the adoption of cryptocurrencies, particularly in emerging markets where access to financial services might be limited.

A key highlight of the initial phase of this partnership is the implementation of a zero-fee policy for on- and off-ramping transactions. This strategic move aims to eliminate financial barriers and encourage wider adoption of stablecoins by demonstrating their utility in facilitating cost-effective and efficient cross-border payments. By removing transaction fees, the partnership seeks to showcase the inherent benefits of stablecoins, particularly their speed and affordability in conducting international transfers. This initiative is expected to attract new users to the crypto space and solidify the position of stablecoins as a viable alternative to traditional remittance methods.

The collaboration between Transak and MiniPay signifies a shared vision of financial inclusivity. Carlo de Luca Gabrielli, Global Director of Sales at Transak, emphasized this commitment, stating that financial tools should be accessible to everyone, everywhere. This partnership aims to translate that vision into reality by making digital finance more affordable and accessible, particularly for communities with limited access to traditional financial systems. By simplifying the process of engaging with stablecoins, the partnership empowers individuals to participate in the digital economy, regardless of their geographical location or financial background.

MiniPay, powered by the Celo blockchain, offers near-instantaneous and low-cost stablecoin transfers, with transaction fees as low as $0.001. This efficiency further enhances the appeal of the platform for users seeking cost-effective and rapid cross-border transactions. The integration of Transak’s infrastructure allows MiniPay users to seamlessly top up their wallets by purchasing stablecoins directly with their local currencies using a variety of payment methods, including credit/debit cards, Google Pay, and Apple Pay. This streamlined process eliminates the complexity often associated with acquiring cryptocurrencies, making it more convenient for users to onboard into the digital asset ecosystem. Similarly, users can easily withdraw funds by converting their stablecoins back into local currencies and transferring them directly to their bank accounts or cards.

The partnership has been met with enthusiasm from both companies. Jørgen Arnesen, EVP of Mobile at Opera, expressed excitement about offering MiniPay users a broader range of local payment options and expanding the reach of the stablecoin wallet globally. He highlighted the importance of eliminating fees in breaking down financial barriers and promoting wider accessibility to cross-border transactions. Since its launch in September 2023, MiniPay has witnessed impressive growth, with over five million activated wallets, demonstrating strong demand for affordable and borderless transactions, especially within emerging markets. This success underscores the growing need for accessible and efficient financial solutions in regions traditionally underserved by traditional financial institutions. The collaboration between Transak and MiniPay signifies a significant advancement in realizing the potential of stablecoins to revolutionize the global financial landscape and promote financial inclusion on a global scale. By simplifying access and eliminating cost barriers, this partnership paves the way for a more inclusive and interconnected financial future.

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