Swapping between cryptocurrencies is nothing new and is typically done in a few clicks. However, the one swap that has eluded crypto has been fiat to crypto. Nimiq Oasis now makes this issue a problem of the past.
Nimiq Oasis (open asset swap interaction scheme), in conjunction with the German TEN31 Bank, allows for a direct bank-to-crypto exchange using regular SEPA (Single Euro Payments Area) bank transfers from any European bank that supports instant transactions. Designed to provide a secure and decentralized experience for its users, Nimiq built Oasis to be the perfect non-custodial bridge between fiat and crypto.
What is Nimiq?
Launched in 2017, Nimiq says its goal is to make blockchain accessible and as easy to use as the internet itself. The project’s mission is to enable the most accessible and censorship-resistant payment solutions and create barrier-free value exchange for everyone, all by creating a blockchain protocol that runs in the user’s browser on any device.
“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, adding, “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 finally overcome this barrier.”
Being able to directly swap cryptocurrencies for fiat without having to register or install software could make Nimiq Oasis very popular in the near future. Oasis charges a 1.25% fee per transaction, also aiming to be among the cheapest options 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.
What is an atomic swap?
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 (the euro), enabling the non-custodial exchange between fiat and crypto. According to Nimiq, Oasis users can buy and sell Nimiq (NIM) and Bitcoin (BTC) for up to 830 euros per month without registration or providing personal data.
“OASIS is a revolution in trading with cryptocurrencies,” said Matthias von Hauff, CEO of TEN31 Bank, in a press release, adding, “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.” Nimiq Oasis is currently available in the Nimiq Wallet and for crypto users in Europe, with plans to launch in Central America and other regions of the world too. A web app that allows users to swap crypto and fiat using Oasis without the need to use the Nimiq Wallet is also in the works.