A handshake between traditional finance and decentralized finance (DeFi) is finally happening! Nimiq – a non-profit and open source blockchain project has enabled Atomic Swaps for fiat and cryptocurrencies. The recent public beta launch of Nimiq’s OASIS (Open Asset Swap Interaction Scheme) marks the milestone event and allows users to go from money in their bank account to crypto in their self-custodial wallet in less than 5 minutes!
With OASIS, Nimiq has adopted the tried and tested DeFi concepts of Atomic Swaps and Hashed Timelock Contracts (HTLC) to handle off-chain assets, thereby creating a bridge between two different financial worlds. The OASIS protocol simulates off-chain assets to behave like blockchain tokens, making them programmable. The project has chosen EUR as the first off chain asset and has partnered with the German TEN31 Bank to make it possible.
The banking partnership enables OASIS Protocol to create a smart contract that interacts with the SEPA Instant system. Meanwhile, smart contracts for cryptocurrencies are created on their respective blockchains. With these two sets of smart contracts in place, a swap can be initiated to facilitate noncustodial, verifiable, peer-to-peer exchange of assets. Currently, the OASIS Protocol only supports the purchase of BTC and NIM with EUR from any SEPA Instant capable bank accounts, with more assets to be added soon.
Buy BTC and NIM with EUR on Nimiq OASIS
Nimiq is on a mission to make cryptocurrencies accessible to everyone. To do that, it is relentlessly working on simplifying most of the crypto related processes. The introduction of Nimiq OASIS is a huge step in that direction. The entire Nimiq ecosystem is designed to work within a web browser on any device with an internet connection.
Anyone can use Nimiq OASIS irrespective of their prior experience with cryptocurrencies by following a few simple steps. They just have to visit the webapp site wallet.nimiq.com and create an account by choosing…