Nimiq creates Oasis to enable exchange of cryptocurrency to fiat money

Reading Time: 2 minutes ;  Published: 9 months ago on August 29, 2021

The distance between cryptocurrencies and fiat currency is getting a little closer thanks to an innovation. In collaboration with German bank TEN31, Nimiq has developed a system, Oasis, that allows SEPA transfers from any European bank that permits instant transactions.

Technology to overcome an obstacle

Nimiq's new system is "designed to provide a secure and decentralized experience for its users." This is the important information given by Nimiq about the Oasis tool that was created to be "the perfect bridge […] between fiat and crypto".

Launched in 2017, Nimiq exists to provide cryptocurrency users with optimal solutions to facilitate the use and accessibility of blockchain. Philipp von Styp-Rekowsky, co-founder of Nimiq, outlined its ambitions.

"We started the Nimiq project to make cryptocurrencies accessible, usable and secure for everyone. It was clear to us that without a technology to easily buy, sell, or trade the new cryptocurrencies, there would be no mass market. With Nimiq Oasis, we have finally overcome this obstacle".

Easily exchange cryptocurrencies for fiat currency

Philipp von Styp-Rekowsky is not the only one who is very enthusiastic about Oasis. Matthias von Hauff, CEO of TEN31 Bank, also expressed his excitement. "OASIS is a revolution in trading with cryptocurrencies. With this project, we have come a lot closer to our goal of making trading with cryptocurrencies easier and offering everyone involved real added value."

One of the main advantages of Oasis is that it gives the possibility to easily exchange cryptocurrencies for fiat currency, and this without having to install any software or register.

That said, there are some fees that users must pay, including transaction fees. These are 1.25%. Moreover, the feature is not yet available to everyone. Only Nimiq Wallet users in Europe can benefit from it.

Simplifying the daily life of cryptocurrency users is the wish of Nimiq, which has just unveiled Oasis for this purpose. It will allow for the quick exchange of digital assets into fiat currency and will hopefully cover several countries.