Transak Records 400% Surge in Solana Transactions Following Phantom Integration

Transak's integration with the Phantom wallet, launched in December 2024, has led to a surge in transaction volumes on the Solana network. Data shows a 400% increase in Solana (SOL) transactions through Transak within seven weeks of the integration.

The integration provides users with access to multiple payment methods and varying transaction limits based on geographic location. Users in the UK and EU can process transactions up to $75,000, while users in other regions have region-specific limits. The platform supports over 20 payment options, including bank transfers and credit cards.

Phantom's Market Presence

Phantom, which operates as a non-custodial wallet, serves users across 100+ countries. The wallet supports multiple blockchain networks including:

• Solana
• Ethereum
• Polygon
• Bitcoin

Following the Transak integration, SOL purchases through Transak on Phantom now represent 75% of Transak's total Solana transaction volume.

The integration implements a multi-level KYC process, requiring basic user information such as name and email for initial access. This process aims to maintain compliance standards while facilitating user onboarding.

Transak currently serves:

• 8 million users

• 160 countries

• 350+ platforms

  
  

The company maintains offices in Miami (headquarters), Bengaluru, London, Milan, Dubai, and Hong Kong, with incorporation in Delaware.

Market Performance

The integration comes during a period of growth for the Phantom wallet, which ranks among the top downloaded applications on the Apple App Store as of November 2024. The partnership enables users to purchase various digital assets, including tokens and NFTs, using local payment methods.

Market data from Blockworks Research indicates that SOL transactions processed through Phantom have increased since the integration's launch. The research suggests Transak has gained market share in comparison to other payment providers on the platform.

Industry Impact

The implementation of this integration reflects broader trends in the digital asset sector, where platforms are working to establish payment infrastructure that accommodates various regional requirements and payment preferences. The focus on compliance and regulatory standards remains central to these developments, as companies aim to facilitate digital asset transactions within existing financial frameworks.

These developments occur against the backdrop of evolving digital asset adoption patterns, with non-custodial wallets and payment infrastructure providers playing increasingly significant roles in market accessibility. The integration's impact extends beyond transaction volumes, affecting how users interact with digital assets across different blockchain networks and highlighting the ongoing development of cross-chain functionality in digital asset infrastructure.

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