Transak sees 300% month-over-month growth in Sui Wallet

Transak, a cryptocurrency platform, has reported 300% month-over-month growth in transaction volume in Sui Wallet for September 2024, as per the updates shared with Finbold on Tuesday, October 29. 

Carlo de Luca Gabrielli, Global Director of Sales at Transak, expressed enthusiasm about the growth, stating:

“We are thrilled to see such tremendous growth in our partnership with Sui Wallet. The rapid uptake of our payment services reflects the market’s need for reliable infrastructure that ensures quick and hassle-free crypto transactions.”

Simplified onboarding process on Sui

By simplifying the onboarding process on Sui (SUI), Transak helped newcomers overcome the challenges associated with starting with cryptocurrency, which led to an increase in transaction volumes.

In the first week of October alone, for example, Transak reported a tenfold increase in transactions compared to September. 

As such, the strategic integration has been beneficial to Sui, especially in the light of the recent USDC stablecoin addition and expanded interoperability through cross-chain protocols. 

The growing Sui ecosystem

The rapid adoption of Sui Wallet is just one symptom of the overall growth of the Sui ecosystem, whose total value locked surged from $35 million in 2023 to over $1 billion in October 2024 (a 2,750% increase).

Of course, the growth mirrors broader market trends, including a notable increase in the global non-fungible token (NFT) market cap, which rose from $8 billion in early October to over $29 billion by mid-month. 

The Sui NFT ecosystem itself minted over 37 million NFTs in October alone.

At the same time, SUI’s market cap went from $1 billion at the start of 2024 to over $6 billion by October, while the overall transaction volume jumped from just shy of 1 billion transactions in August to around 6 billion in October.

The Sui network now boasts a peak throughput of 297,000 transactions per second (TPS) and a time-to-finality of just 480 milliseconds enjoyed by 23 million users as of mid-October 2024.

Transak’s role in Sui

In addition to ease of onboarding, Transak provides a multi-level know-your-customer (KYC) system.

For smaller transactions, users can complete basic checks through the “Light KYC” option in just 30 seconds; for transactions up to $20,000, a more comprehensive “Standard KYC” process, which takes about 10 minutes, is required.

Transak also offers new on-ramp features, allowing users to purchase assets on Sui effortlessly. 

The solution supports major fiat currencies such as USD, EUR, and GBP, with payment options that include credit and debit cards, Google Pay, Apple Pay, and instant bank transfers.

In the future, Transak wishes to expand its presence across wallets and decentralized applications (dApps) globally to support the adoption of decentralized finance (DeFi).

Able to process transactions in major fiat currencies through various payment options, Transak simplifies interactions with blockchains in general, meaning that a wide variety of users are empowered to act quickly whenever they spot a new opportunity.