TransAct: A Crypto-Free Solution for Enterprise Adoption on Hedera

The Hashgraph Group has launched TransAct, a fully managed solution that allows enterprises to use Hedera without holding the native token or having a crypto wallet. TransAct abstracts away the need for crypto wallets and gas fees, with enterprise-grade service-level agreement and monthly invoicing handled in traditional currencies. This enables businesses and governments to execute transactions on Hedera without touching crypto or wallets, while retaining control over processed transactions and network utilization.

The Hashgraph Group (THG) has introduced TransAct, a pioneering solution that enables enterprises to leverage the Hedera network without the need to hold HBAR tokens or manage crypto wallets. This breakthrough offering simplifies enterprise adoption of distributed ledger technology (DLT) by abstracting away the complexities and compliance risks associated with digital wallets and gas fees.

TransAct, developed by Swiss-based THG, is a fully managed service that provides enterprises and governmental institutions with an enterprise-grade service-level agreement (SLA) and monthly invoicing in traditional currencies. This allows businesses to execute transactions on Hedera without the need to purchase or hold any cryptocurrency, thereby reducing security risks and simplifying operations.

The solution features a user-friendly interface and management dashboard, offering real-time monitoring and control over network transactions and spend. While wallet management is abstracted for simplicity and compliance, a signing wallet containing private keys is still required for transaction authorization, ensuring that enterprises retain full control over their processed transactions, network utilization, and signing keys.

Stefan Deiss, Co-Founder & CEO of The Hashgraph Group, commented, "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. 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 organizations to process digital transactions through our easy-to-use platform, while we take care of all the technical and compliance challenges in the background."

TransAct is designed to streamline compliance and eliminate the need for crypto accounting. It is offered under a subscription-based model, aligning with today's enterprise needs for flexibility, predictability, and scalability. This managed cloud-based SaaS solution ensures that all network transactions processed via TransAct are invoiced in USD or other preferred traditional currencies.

The launch of TransAct represents a significant milestone for THG, further validating its corporate strategy to build business solutions without barriers. By providing a reliable and secure solution for processing transactions on Hedera, TransAct is expected to accelerate broader adoption of the Hedera DLT network among enterprises and governments worldwide.

References:
[1] https://www.prnewswire.com/news-releases/the-hashgraph-group-launches-transact-to-enable-crypto-free-transactions-for-enterprises-302543907.html