VISA is intensifying its commitment to cryptocurrency adoption by facilitating an additional method for exchanging cryptocurrencies into fiat currencies, all without the necessity of a centralized exchange or third-party offramping services.
The fintech has collaborated with Transak, a Web3 infrastructure provider, enabling VISA clients to introduce cryptocurrency withdrawals and payments through VISA Direct service, a network that facilitates funds transfers by VISA’s client financial institutions.
Transak X Visa 💳
Now, millions of users from over 145 countries 🌍 can enjoy the freedom of converting over 40+ Cryptos 🪙to Fiat and deposit funds directly to their @Visa debit cards with @Transak.#TransakXVisa pic.twitter.com/S1edudUDXm
— Transak (@Transak) January 30, 2024
As Transak put it, most platforms and gateways are highly optimized for fiat-to-crypto conversions, but the reverse is not true.
“Many consumers need a fast, secure, and compliant way to exit the crypto market – a fitting tribute to the liquid nature of cryptocurrencies.
As a result, they are stuck parking their funds in stablecoins or resorting to other methods of cashing out that may fall in the gray zone of local regulations.”
But with this partnership, users can now directly withdraw cryptocurrencies, such as Ethereum, from a wallet like MetaMask to a VISA debit card, and use the funds to make payments at over 130 million merchant locations worldwide where VISA is accepted.
“We believe this partnership is an inflection point for Web3 as a whole. Now, millions across the globe have a straightforward way to cash out their digital asset holdings to their local currency in real-time and intuitively.
They no longer have to walk the treacherous path of compliance uncertainty or face risks of fraud – Transak and VISA have them covered for over 40 cryptocurrencies.”
– Sami Start, Co-founder & CEO of Transak
Transak specializes in simplified API-driven crypto onboarding solutions, for example, allowing users to convert cash for crypto on MetaMask, thanks to partnerships with local payment providers like:
Its solutions abstract away the complexity of user KYC, risk monitoring & compliance, payment methods, and customer support.
The new integration with VISA Direct means Users from 145 countries, including most African countries, can now directly convert a minimum of 40 cryptocurrencies into fiat without depending on centralized exchanges or other offramping solutions, Transak said.
For example, MetaMask users can now effortlessly off-ramp directly from their wallet to the VISA card, which enhances the usability and practicality of their digital assets.
Transak’s presence on 350+ leading Web3 wallets and games like:
- MetaMask
- Trust Wallet
- Coinbase Wallet
- Ledger
- 1Inch
- QuickSwap
- Splinterlands, and
- Decentraland
ensures widespread accessibility for this application.
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