Transak Breaks the US Crypto On-Ramp Deadlock: Bank Transfers Are Here

You can now buy crypto with bank transfers! This is a first in the US. Crypto infrastructure company Transak recently launched a bank transfer funding feature in the US, which means you no longer have to rely on credit cards with their pitfalls (high fees, low limits)—you can transfer money directly from your bank account.

Why is this so important?

Buying crypto with credit cards has always been a pain point—strict limits, high fees, and it’s kept many people out. Bank transfers are different, with limits ranging from $2,000 to $25,000 and lower fees, making it more friendly for both retail and large investors.

Transak’s CEO Sami Start put it plainly: “Americans are familiar with how to use bank transfers—it’s the safest and most common way to send money. Integrating this into crypto trading is a huge breakthrough.”

The numbers speak

This approach was tested in the UK with great results: after launching bank transfers, trading volume quadrupled. If this trend continues, what could happen in the US market?

There are currently about 560 million crypto users worldwide, and some experts predict this could triple by 2026. If the US market opens up, reaching a billion global users isn’t far off.

Technical details

Transak has held a US federal money transfer license since early 2022, but the real challenge was finding a bank partner—US banks are generally still wary of crypto. Transak’s Head of Expansion, von Hulewicz, revealed they were “lucky” to find a bank friendly to digital assets, which gave them strong support as an alpha client.

In short, policy isn’t the biggest obstacle; finding a bank willing to play ball is the key.