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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.