Revolution in trading cryptocurrencies: Nimiq OASIS achieves direct compatibility between blockchain and banking.
09 Jun 2021
Nimiq, together with TEN31 bank, achieved a breakthrough for compatibility between blockchain and traditional banking with the release of the OASIS (Open Asset Swap Interaction Scheme) technology. For the first time, Nimiq OASIS enables a decentralized and therefore secure purchase of cryptocurrencies by bank transfer: from money in your bank account to cryptocurrency in your self-custodial wallet in a few minutes - and vice versa (volume limits apply). All without the need to open an account with a centralized crypto exchange and the associated, usually time-consuming identification process.
“We started the Nimiq project to make cryptocurrency accessible, usable, and secure for everyone. It was clear to us that without a technology with which the new cryptocurrencies could easily be bought, sold, or exchanged, there would be no mass market. With Nimiq OASIS we have now overcome this barrier”, says Philipp von Styp-Rekowsky, Tech Lead and co-founder of Nimiq.
Matthias von Hauff, CEO of TEN31 Bank adds: “OASIS is a revolution in trading with cryptocurrencies. With this project, we have come a lot closer to our goal of making trading with cryptocurrencies easy and offering everyone involved real added value. Even more: the launch is just the beginning of a whole range of possible applications for this technology, both in the B2C and B2B sectors.“
With the OASIS protocol, on one hand, currencies such as Euros, Dollars, or Swiss Francs can be used programmatically like tokens on a blockchain. On the other hand, it creates the fastest, safest, and most efficient way to buy, exchange and sell cryptocurrencies such as Bitcoin. In the B2B area, both decentralized exchanges and OTC services and applications – in fact, all decentralized financial services (DeFi) – can use the OASIS protocol to efficiently process transactions between fiat and cryptocurrencies.
The Nimiq Wallet, which is the first application to use the OASIS protocol, is completely browser-based and up to a certain limit does not require registration or the provision of personal data when buying crypto. All the user needs is a European, SEPA-Instant-capable bank account. The cryptocurrencies Bitcoin (BTC) and Nimiq (NIM), the currency of the decentralized payment system Nimiq, can already be purchased and sold at the launch.
“In the long term, OASIS opens up the possibility of connecting Nimiq to traditional payment networks. This makes paying with NIM possible in everyday life without retailers having to change their existing infrastructure. The customer can pay in NIM or another cryptocurrency and euros arrive at the retailer”, says TEN31 Bank CEO Matthias von Hauff, describing his vision for the future.
As one of the initiators of the non-profit organization Nimiq, Philipp von Styp-Rekowsky sees yet another future driver of the groundbreaking technology: “All profits generated with the OASIS project are invested in the currency of our decentralized payment system NIM and held for the long term through the Nimiq Foundation. With every transaction, the demand leads to a shortage and thus to a higher attractiveness of the currency, but also of the project as such.“
We are very excited to announce the release of OASIS! From this day forward the documentation and API of Nimiq OASIS are open to the public. We will work towards growing the number of applications based on OASIS as well as expanding the reach of the Nimiq OASIS network.
Pura Vida 🚀
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