The Hashgraph Group unveiled TransAct, a managed wallet service enabling enterprises to use Hedera blockchain without holding HBAR tokens or managing gas fees directly.
The Hashgraph Group, a Swiss-based fintech firm focused on developing solutions for the Hedera blockchain network, recently announced the launch of “TransAct,” a wallet and digital assets transaction management service that abstracts wallet management, gas fees, and cryptocurrency conversions.
According to a press release published on Sept. 2, TransAct enables large-scale enterprise adoption of distributed ledger technology (DLT) through integrated compliance and operational features. It was developed for enterprise and government clients and is offered as a fully managed, secure service that processes crypto and fiat with automated invoicing of processed transactions in US dollars.
The service’s primary selling point is its deep integration with the Hedera network. According to the press release, TransAct makes it possible for clients to execute transactions on the Hedera network without holding HBAR. Using the service, wallet management is abstracted but private keys are retained and implemented for authorizing transactions.
Enterprise-Grade Crypto Management Without the Complexity
According to Micha Roon, Head of Engineering at The Hashgraph Group, TransAct allows organizations to execute transactions while clients always retain control over private keys and all transactions conducted through the service are secured and compliant with applicable regulations.
As Coinspeaker recently reported, Hedera and its native HBAR $0.22 24h volatility: 3.6% Market cap: $9.45 B Vol. 24h: $213.79 M token have seen a recent surge of interest and activity. AUDD, the Australian Dollar-backed stablecoin issued on the Hedera network, was selected for use in the Reserve Bank of Australia’s “Project Acacia” in July.
Meanwhile, HBAR was reportedly mentioned in a White House cryptocurrency report. The token also saw a 13% bump later the same month when it was listed on the Robinhood trading service. The renewed interest was enough to bump HBAR ahead of Avalanche and Litecoin to become the 16th most popular token by market capitalization at the time.
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