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.
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.”
VISA Adds Crypto-to-Fiat Withdrawals in Partnership with Transak – Available in 30 African Countries
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.
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