The Hashgraph Group launches ‘TransAct’ to bring crypto-free transactions

The Hashgraph Group, a Swiss-based Web3 firm helping to advance adoption of Hedera, has launched a new solution that allows enterprises to build on Hedera without having to hold the native token or have a crypto wallet.

TransAct is The Hashgraph Group’s new fully managed service that allows any enterprise or government to tap into and execute transactions on Hedera ( HBAR ). Enterprises can access the blockchain network and build on it without having to touch crypto, THG said in a press release .

According to the Swiss-based company, TransAct abstracts away the need for crypto wallets and gas fees, with its enterprise-grade service-level agreement and monthly invoicing handled in U.S. dollars or other traditional currencies.

In this case, enterprises and governmental institutions can execute transactions on Hedera even when they hold no HBAR.

“With TransAct, we are removing one of the major barriers to enterprise adoption – the complexity and compliance risk of holding crypto and managing digital wallets,” said Stefan Deiss, co-founder & chief executive officer of The Hashgraph Group.

Deiss added:

“By providing an enterprise-grade transaction gateway to interact and transact on the Hedera network, we are enabling financial institutions, e-commerce platforms, technology firms, and other organisations to process digital transactions through our easy-to-use platform, while we take care of all the technical and compliance challenges in the background.”

Business to retain full control

Although a crypto wallet is abstracted, TransAct still requires a signing wallet. Signer wallets allow for the execution of transactions onchain and offchain. Private keys ensure clients retain full control over aspects such as processed transactions and network utilization.

The Hashgraph Group will offer TransAct as a secure transaction gateway with a user-friendly interface and dashboard. Users can interact and benefit not just from crypto-free transactions but also by leveraging Hedera to reduce risks associated with managing digital wallets.

Businesses can also tap into TransAct to streamline compliance and eliminate any would-be crypto accounting challenges from operations, The Hashgraph Group said.