In a significant move towards cryptocurrency adoption, global payment giant Visa has partnered with Web3 infrastructure provider Transak. The collaboration aims to introduce a new method for exchanging cryptocurrencies for fiat currencies without relying on centralized exchanges. By leveraging Visa Direct, users can now withdraw cryptocurrencies such as Bitcoin directly from a wallet like MetaMask to a Visa debit card. This solution facilitates real-time card withdrawals, providing users with the ability to convert crypto balances into fiat currencies quickly and easily. With the integration available immediately, users can pay at over 130 million merchant locations worldwide where Visa is accepted.
The collaboration between Transak and Visa significantly expands the options for converting cryptocurrencies into fiat currencies, effectively bridging the gap between the crypto and traditional finance worlds. Users from 145 countries can directly convert 40 cryptocurrencies to fiat through this partnership, eliminating the need for centralized exchanges. Supported countries include Cyprus, Malta, Singapore, Turkey, Portugal, and the United Arab Emirates. This development marks a milestone in increasing accessibility and convenience for crypto users globally.
Visa Direct’s program allows third-party providers like Transak to connect to Visa’s network, facilitating direct payments onto Visa cards. With this integration, transactions can now be processed in less than 30 minutes, enabling nearly real-time conversion of crypto into fiat currencies. The Visa Direct platform supports over 40 major cryptocurrencies, including Bitcoin, Ethereum, Solana, and Dogecoin, and is accessible in more than 145 countries. Yanilsa Gonzalez-Ore, the North America Head of Visa Direct and Global Ecosystem Readiness, praised the collaboration, emphasizing the faster and more connected experience it offers crypto users. The ability to instantly convert crypto balances into fiat allows for seamless spending at over 130 million merchant locations worldwide where Visa is accepted.
Transak serves as a payment and onboarding services provider, offering users the opportunity to buy and sell crypto assets while managing necessary know-your-customer (KYC) requirements and complying with regulations. The company’s collaboration with Visa Direct signifies a significant step towards mainstream cryptocurrency adoption. Harshit Gangwar, Transak’s marketing head and investor relations lead, views the partnership as a major move towards mainstream acceptance and utilization of cryptocurrencies. He highlights the integration’s accessibility and convenience, particularly for users of decentralized platforms and wallets like MetaMask, Ledger, and Trust Wallet, who can now directly off-ramp to a Visa card. Transak’s involvement in the integration is crucial, ensuring proper verification of users and compliance with anti-money laundering measures in multiple jurisdictions.
Lorenzo Santos, MetaMask’s senior product manager, recognizes the significance of the collaboration, as it opens new horizons for MetaMask users. The integration provides greater flexibility in cryptocurrency-to-fiat conversions, allowing users to off-ramp directly from their wallets to a Visa card. This development enhances the usability and practicality of digital assets for MetaMask users.
The partnership between Visa and Transak comes at a time when cryptocurrency ownership is experiencing significant growth. In 2023, global crypto usage increased by 34%, with the number of cryptocurrency holders or users rising from 432 million to around 580 million worldwide. Bitcoin and Ethereum are cited as major contributors to the increase in crypto users globally. This collaboration between Visa and Transak further supports the trend of increasing cryptocurrency adoption and usage.
The collaboration between Visa and Transak represents a crucial step towards advancing cryptocurrency adoption. By providing a new method for exchanging cryptocurrencies for fiat currencies and enabling real-time card withdrawals, this partnership offers increased accessibility and convenience for crypto users. As cryptocurrency ownership continues to grow, initiatives like this facilitate the integration of digital assets into mainstream finance, paving the way for a more inclusive and connected financial ecosystem.
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