Simplified Onboarding: Maiar Users Get Lower Fees For eGold Purchases With Bank Transfers Via Transak

Beniamin Mincu
Feb 27, 2021
2 min read

Elrond transactions are near-instant, inexpensive, and work 24/7. These properties are a massive improvement over the traditional financial system’s transfer speeds, costs, and schedule. Paradoxically, this traditional problem is one that blockchain solves and at the same time one of the issues hindering crypto adoption the most.

This is why we are happy to introduce a new Buy option in Maiar: Transak. It will add the option of buying eGold (EGLD) using bank transfers. Bank transfers are the most inexpensive option, as the fees are usually around 1%.

One interesting fact about Transak is that they use a UK bank account which means you can use the UK Faster Payments system to perform a bank transfer in under 1 minute. This might be perhaps the best option for purchasing eGold - fast and inexpensive.

If you’re not from the UK, you can try using digital banking options such as Revolut, which offers anyone the option to make GBP payments from a UK account. You can check out this guide (link) from our community.

With this new step, Maiar is simplifying the onboarding process for the next billion people. By adding the best on-ramp options available directly into the app, we can significantly improve the quality of the first experience with the Elrond ecosystem.

The simplified onboarding process for Maiar arrives at the right time for eGold users, who are now able to directly spend the currency at 30,000+ merchants and will soon be able to use stable coins such as USD, EUR, and several European currencies.

Getting a wallet is easy. Getting crypto is easy. Getting paid is easy. Spending crypto is easy. Soon, getting into DeFi and NFTs will be easy.

With Maiar, the fine line between fiat and crypto money is blurred. A new phase begins with fast, inexpensive, and global value transfer in any currency, accessible to anyone anywhere.

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Written by
Beniamin Mincu
CEO, Elrond Network