Nimiq & TEN31 Bank enable buying and selling crypto by bank transfer

4 months ago on June 7, 2020

This image has an empty alt attribute; its file name is TEN3-1.jpg

Breakthrough in interoperability between blockchain and conventional banking

Buying crypto can be an overwhelming and troublesome process. Trusting in-transparent and insufficiently regulated crypto-exchange, registered in a faraway jurisdiction, is often the only option. Surrendering personal data in the process is not only a privacy issue, it is a substantial usability barrier too.

Now, Nimiq, the ease-of-use cryptocurrency, and TEN31, the fintech arm of German WEG Bank AG, are excited to present a technological breakthrough: Nimiq OASIS (Open Asset Swap Interaction Scheme), a protocol that makes off-chain assets behave as if they were tokens on a blockchain.

When implemented by a bank, crypto-assets – like NIM or BTC – can be swapped for e.g. Euro almost instantly, at very low fees and without the need to provide personal information, not even an email address. How? Simply by sending a bank transfer.

The picture shows an example of the use case for a DEX.

Nimiq developed the technology, which leverages the concept of HTLC empowered Atomic Swaps, in close collaboration with TEN31 Bank (Nimiq is a shareholder in TEN31 Bank, read more here). An informational website about OASIS technology was released recently. The site targets crypto-businesses and projects interested in integrating OASIS. However, Nimiq and TEN31 are already a step ahead.

The fee for Nimiq OASIS API calls is as low as 1%, potentially making it the most affordable option too. All revenue created by OASIS will be used to buy NIM, thus increasing the coin's scarcity. The beta participants will be among the first to use a not yet fully disclosed market-making service, dubbed fast spot, that allows them to simply select a cryptocurrency, a quantity they wish to acquire (max. 100 Euro in the beta) and a crypto address, that they will receive the crypto into.

They are then presented with an IBAN address and the appropriate amount of Euro to send. Beta participants require access to a SEPA instant capable European bank account. Nimiq and TEN31 offer interview opportunities and exclusive insights and material.

Original Article: https://www.maltablockchainsummit.com/news/nimiq-ten31-bank-enable-buying-and-selling-crypto-by-bank-transfer/


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