Nimiq launches OASIS to enable atomic swaps between crypto and fiat
Nimiq, a decentralized, censorship-resistant payment protocol with its own diverse ecosystem of apps, announced today together with German bank TEN31, it has achieved compatibility between blockchain and banking with the release of the OASIS (Open Asset Swap Interaction Scheme) technology.
First and foremost, Nimiq OASIS enables the decentralized and secure purchase of cryptocurrency by bank transfer. From money in a bank account to cryptocurrency in a self-custodial wallet – and vice versa. OASIS performs this in a few minutes without the need to open an account with a centralized exchange.
“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.”
– Philipp von Styp-Rekowsky, Co-Founder of Nimiq
Nimiq’s Open Asset Swap Interaction Scheme (OASIS) is the blueprint to make off-chain assets (such as USD, EUR, stock certificates, web domains, and more) behave as if they were tokens on a blockchain. Within the B2B space, decentralized exchanges, OTC services, and applications can use the OASIS protocol to efficiently process transactions between fiat and 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.“
– Matthias von Hauff, CEO of TEN31 Bank
The Nimiq Wallet, which is the first application to use the OASIS protocol is entirely browser-based. Moreover, up to a certain limit, it does not require registration or the provision of personal data when buying cryptocurrency. To start, all the user needs is a European, SEPA-Instant-capable bank account. During the initial launch, BTC and NIM, the native asset of Nimiq, can already be purchased and sold.
As of now, the documentation and API of Nimiq OASIS are open to the public.
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