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

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

Carlo de Luca Gabrielli, Global Director of Sales at Transak, expressed his excitement about the growth, saying:

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

Simplified onboarding process on Sui

By simplifying the onboarding process on Sui (SUI), Transak helped newcomers overcome the challenges of getting started in cryptocurrency, leading to an increase in transaction volumes.

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

As such, the strategic integration has been beneficial for Sui, especially in light of the recent addition of USDC stablecoin and expanded interoperability via 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 locked value rose from $35 million in 2023 to over $1 billion in October 2024 (an increase of 2,750%).

Naturally, the growth reflects broader market trends, including a notable increase in the global non-fungible token (NFT) market capitalization, 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 capitalization rose from $1 billion in early 2024 to over $6 billion in October, while total transaction volume rose from just under 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 the ease of onboarding, Transak offers a multi-level know-your-customer (KYC) system.

For smaller transactions, users can complete basic checks in just 30 seconds via the “Light KYC” option; transactions up to $20,000 require a more extensive “Standard KYC” process, which takes approximately 10 minutes.

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

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

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

Transak can process transactions in major fiat currencies through a variety of payment options and simplifies interactions with blockchains in general, meaning it allows a wide variety of users to act quickly when they discover a new opportunity.