Cardano Native Integration on Transak for fiat-to-crypto on-ramp

[GENERAL] Name and surname of main applicant

Namita Khande

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Incorporated)

[GENERAL] Co-proposers and additional applicants

Transak Revenue Team

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

4

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

Transak natively integrates Cardano so that

1. Dapps can onboard users with effortless widget integration
2. Dapps can earn additional revenue with partner fee
3. Direct fiat bridging will amplify the chain's TVL

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

No dependencies.

[GENERAL] Will your project’s output/s be fully open source?

No

[GENERAL] Please provide here more information on the open source status of your project outputs

This integration is part of Transak's offerings.

Once integration is complete, Cardano tokens will be available natively for integration for current and prospective Transak partners.

[SOLUTION] Please describe your proposed solution

Transak has received many integration interest from Cardano Dapps and tokens who want to utilise Transak services to on-ramp their users on Cardano. But due to unavailability of Cardano natively we are not able to cater to Cardano ecosystem needs in the best way possible. This integration will take over a month for our tech team to complete and therefore we are pursuing this proposal to make that happen.

Transak aims for a seamless integration of Cardano with Transak's liquidity system. This will pave the way for streamlined on-ramping of any token across all current and prospective partners endorsing the chain. 

To jump start the transactions, we will list five native tokens and make it available for buy and sell on Cardano blockchain.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

Advantages of Native On-ramp through Transak:

1. Empower all Dapps on Cardano to facilitate user onboarding with effortless widget integration 
2. Minimise hurdles when interacting with Cardano Dapps, eliminating redundant interactions with CEXes or bridges 
3. Offer a revenue model for Dapps integrating the Transak widget. Partners can opt to include an additional fee of up to 5% over our base charge 
4. Direct fiat bridging into the ecosystem, amplifying the chain's Total Value Locked (TVL). Fewer barriers equate to more users, thus elevating the TVL

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

We are a compliance first company with 100% tech capabilities to complete this project.

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

Alignment: Collaborative call between product and engineering teams to finalise actionable steps.

Partnership Agreement: We sign an official agreement with necessary terms and conditions.

300,000 ADA needs to be received by Transak by end of the Milestone 2

Staging Integration: Thorough testing in a staging environment post-integration.

Production Integration: After successful staging, testing will proceed in a real-world production setting along with ADA token on Cardano

• Token due diligence: Transak will run a compliance due diligence for tokens participating in this proposal (This step can also be run in parallel with step 1)
• Listing 5 cardano tokens: tokens will be available for buy/sell after successful compliance DD and integration

Marketing push: A collaborative marketing push from Transak and Cardano to announce the partnership through social media

[RESOURCES] Who is in the project team and what are their roles?

Namita (leading this proposal from Transak) - Revenue Team

https://www.linkedin.com/in/namita-khande-76498883/

Telegram - nktransak

I will be coordinating with the tech team to complete this project.

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

The budget breakdown is the following:

• Business & Legal: 5%
• Compliance: 8%
• Product work: 20%
• Engineering work: 50%
• Operations & Support: 7%
• Liquidity & Risk Exposure: 10%

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

Successful completion of this project directly creates monetary value in following ways

1. Creates a new channel to onboard new users to Cardano ecosystem
2. Provides a revenue stream for partner Dapps as they can add partner fee upto 5%
3. Transak's 5 million registered user base becomes accessible to Cardano Dapps