Nimiq Launches Fiat-to-Crypto Atomic Swaps, Makes Buying Bitcoin and Nimiq Easier Than Ever

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by Benjamin Godfrey · 4 min read
Nimiq Launches Fiat-to-Crypto Atomic Swaps, Makes Buying Bitcoin and Nimiq Easier Than Ever
Photo: Nimiq / Facebook

Nimiq OASIS is still undergoing further developments for the full release as noted by the team, and the public beta launched is just the first step in an ambitious roadmap ahead.

Nimiq, a blockchain technology startup that specializes in enabling fast, easy and secure online payments has recently launched the public beta of its Nimiq OASIS technology, making it easy to buy Nimiq (NIM) and Bitcoin (BTC) with a single bank transfer. As contained in the press release shared with Coinspeaker, the Nimiq OASIS public beta is a result of years of research and development, targeted at driving usability and ease of use for the cryptocurrency ecosystem.

Through Nimiq OASIS, users can easily purchase BTC and NIM, the platform’s native cryptocurrency. Based on the latest provisions, users are spared the hassles of installation and registration, and getting started takes place on a web browser in just about 30 seconds.

If users want to try out a fiat-to-crypto atomic swap themselves, they can do so in Nimiq’s self-custodial web wallet, which can be created in just 30 seconds, without installation or registration – not even email. In this first implementation, users can buy NIM and BTC in the wallet directly with bank transfer at only 1.25%, a figure competitive for an industry plagued with a soaring network fee.

High Points of Nimiq OASIS Public Beta

Nimiq OASIS is still undergoing further developments for the full release as noted by the team, and the public beta launched is just the first step in an ambitious roadmap ahead. The current platform only permits the buying of crypto, additional features including selling and increased limits will be made available in the foreseeable future.

At this elementary stage, buying, selling, and also swapping cryptocurrencies is initially limited to 500$ (~400€) per transaction and 1000$ (~800€ ) per 30 days rolling window. Larger transactions will be enabled as the system attains maturity but may require customers to pass Know-Your-Customer (KYC) checks.

The limitations with respect to the number of cryptocurrencies supported (that is BTC and NIM) practically is to give the public beta a head start. Plans to support more coins including but not limited to Ethereum (ETH) are in the works.

The team will also continue to build on the speed of transaction settlements with Nimiq OASIS technology, especially when the project will be switching to Proof-Of-Stake in the upcoming months of 2021, making the Nimiq protocol one of the fastest single-chain protocols in the world. On the banking side, more optimized APIs on pace to be integrated are expected to have a considerable impact as well, reducing time spent waiting for fiat transactions to register.

Brooding Partnerships to Drive International Expansion

The developmental work to bring the project to life is a product of strategic collaboration: The first contributor is Nimiq as a project itself which provides the underlying OASIS protocol and the actual innovation. Nimiq’s Open Asset Swap Interaction Scheme (OASIS) simulates blockchain behavior for off-chain assets, as well as the provision of non-custodial buying and selling featuring Euro Smart Contracts.

TEN31 Bank, the first banking partner to implement the protocol and offer an OASIS instance for Euro. While Nimiq executes the blockchain smart contract, TEN31 Bank processes the fiat currency end of the non-custodial atomic swaps. The partnership is capped with Fastspot, service and technology that was created by Nimiq and provides initial liquidity for the entire OASIS operation until other external liquidity providers will join the OASIS ecosystem to provide additional liquidity.

Tech Innovation and Promise of More Innovative Products

Nimiq OASIS as has been noted earlier is in pursuit of futuristic tech offerings that can help anyone, anywhere get on-board the crypto train. Nimiq OASIS works on the concept of Atomic Swaps and Hashed Timelock Contracts (or HTLCs for short).

Through this new tech, smart contracts execute pre-funded transactions once a specific address condition is met, the absence of which returns the funds to where they were sent from after a preset time expires. This system guarantees the safety of funds and the non-custodial nature of the swaps and ensures confidence in what Nimiq calls a “next-generation” crypto on-ramp.

While many may applaud this model, Fastspot plans to publish a widget and API that will aid to provide solutions to implement atomic swapping, buying, and selling into any website or third-party service. Additionally, a stand-alone service will be launched to enable buying and selling of crypto from and to any wallet while also rolling out an eCommerce integration system that enables merchants to receive payment in crypto while receiving the settlement in cash.

Disclaimer: This content has been prepared solely for informative purposes and should not be taken as the basis for making investment decisions or be construed as a recommendation to engage in investment transactions or be taken to suggest an investment strategy.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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