From EUR in Your Bank Account to BTC or NIM in “Your-Keys-Your-Coins” Wallet in Under 5 Minutes

Finally there is a handshake between traditional financing and decentralized financing (DeFi)! Nimiq – a non-profit open source blockchain project has activated Atomic Swaps for fiat and cryptocurrencies. The recent public beta launch of Nimiq’s OASIS (Open Asset Swap Interaction Scheme) marks the milestone and enables users to switch from money in their bank account to crypto in their wallet in less than 5 minutes!

With OASIS, Nimiq has adopted the proven DeFi concepts of Atomic Swaps and Hashed Timelock Contracts (HTLC) to manage off-chain assets and thus build a bridge between two different financial worlds. The OASIS protocol simulates off-chain assets in such a way that they behave like blockchain tokens so that they are programmable. The project selected EUR as the first off-chain asset and partnered with the German TEN31 bank to make this possible.

Through the banking partnership, the OASIS protocol can create an intelligent contract that interacts with the SEPA Instant system. In the meantime, smart contracts for cryptocurrencies are being created on their respective blockchains. With these two smart contracts, a swap can be initiated to facilitate the non-custody, verifiable peer-to-peer exchange of assets. Currently, the OASIS protocol only supports the purchase of BTC and NIM with EUR from SEPA Instant-enabled bank accounts. More assets will be added soon.

Buy BTC and NIM with EUR at Nimiq OASIS

Nimiq has set itself the task of making cryptocurrencies accessible to everyone. To achieve this, they work tirelessly to simplify most of the crypto-related processes. The introduction of Nimiq OASIS is a big step in this direction. The entire Nimiq ecosystem is designed to work in a web browser on any device with an internet connection.

Anyone can use Nimiq OASIS regardless of their previous experience with cryptocurrencies by following a few simple steps. All they have to do is visit the webapp website wallet.nimiq.com and create an account by selecting an avatar that will represent their self-held wallet address. Once the password has been set and the account has been created, they can download the login file containing the cryptographic key for future access to their account from any other browser instance or device.

After logging in, they can select the Buy NIM and BTC option and choose Bank Transfer as their payment method to create an Atomic Swap-like connection. You can select the bank name or enter the BIC of your SEPA Instant enabled bank followed by the amount of cryptocurrency you want to buy and initiate the transaction. The end of the smart contract is filled in by the executed SEPA instant transaction, while Nimiq’s Fastspot liquidity service takes over the crypto end of things by transferring the requested number of tokens. After both contracts are fulfilled, OASIS initiates an exchange and the user receives the purchased crypto in their wallet.

OASIS HTLC requires that the contract be fulfilled within 90 minutes of execution. Otherwise, the funds transferred to the respective contracts will be reversed, thereby eliminating the counterparty risk.

Nimiq is on a roll

With the integration of Nimiq OASIS into the Nimiq Wallet, up to 350 million users in Europe can easily access Crypto without personal registration and only with a Fiat SEPA bank account. Equipped with a proven technology solution, Nimiq intends to extend the applications of the OASIS protocol to other wallets and assets. In the near future, OASIS-based widgets and APIs will be available to enable the atomic exchange, buying and selling of products. It will also act as a payment processor for businesses and ecommerce platforms, allowing them to accept crypto payments from their customers and receiving fiat as settlement on their account.

In the meantime, the Nimiq project continues to optimize crypto payments by updating the original proof-of-work chain to the evolved proof-of-stake chain that exceeds the theoretical performance limits of single chain protocols.

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