Fiat to Crypto Atomic Swaps are Now a Reality Thanks to Nimiq OASIS

Atomic Swap

Nimiq OASIS allows for fiat-to-crypto atomic swaps without registration.

The recently launched Nimiq OASIS (Open Asset Swap Interaction Scheme) protocol is a DeFi innovation created by open-source blockchain project Nimiq and German TEN31 Bank, allowing users to exchange fiat and crypto by using non-custodial atomic swaps. According to Nimiq, OASIS provides a secure and decentralized experience for its users, who can already purchase cryptocurrencies via instant Euro bank transfers in the self-custodial Nimiq Wallet.

Background on Nimiq

Launched in 2017, Nimiq provides a blockchain ecosystem of payment apps that gives users the power of connecting directly to the blockchain, simply by using their browser. Nimiq’s mission is to make crypto easy to use while not compromising on decentralization, with the aim to build the most accessible and censorship-resistant payment solutions for everyone. “We started the Nimiq project to make cryptocurrency accessible, usable, and secure for everyone,” said Philipp von Styp-Rekowsky, Tech Lead and co-creator of Nimiq, in a press release. “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.”

Fiat to Crypto Atomic Swaps

Atomic Swaps allow the peer-to-peer exchange of one asset for another using special smart contracts called HTLCs (Hashed Time-Lock Contracts). What makes a swap “atomic” is the fact that the exchange process will either be completed as intended by the two exchanging parties or not at all. Therefore, Atomic Swaps require zero trust as they are entirely relying on interconnected smart contracts to perform the transaction. OASIS charges a 1.25% fee per transaction, intending to be the cheapest way to buy and sell crypto.

Nimiq OASIS is similar to a DEX (Decentralized Exchange), but unlike other DEXs, Nimiq customers can perform atomic swaps directly between fiat and crypto. Swaps do not require the customer to register or provide personal information, not even email, to use the service for swaps up to 830,00 € per month. Customers can buy and sell NIM (the Nimiq token) and BTC through OASIS via a simple instant Euro bank transfer.

“OASIS is a revolution in trading with cryptocurrencies,” said Matthias von Hauff, CEO of TEN31 Bank, in a press release. “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.” “In the long term,” continued von Hauff, “OASIS opens up the possibility of connecting Nimiq to traditional payment networks. This makes paying with NIM and supported cryptocurrencies (currently only BTC, ETH coming next) possible in everyday life without retailers having to change their existing infrastructure to convert crypto to fiat. Nimiq OASIS is currently available in the Nimiq Wallet for Nimiq users in Europe, with future plans to launch in Central America and other regions of the world.

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