January 31, 2024

Visa Teams Up with Transak to Streamline Global Crypto-to-Fiat Transactions Across 145 Countries

Users now have the ability to convert their digital assets directly from self-custodial wallets, such as MetaMask, onto their Visa debit cards.

In a significant stride towards enhancing the global accessibility of cryptocurrencies, Visa, a leading global payment entity, has collaborated with Transak, a Web3 infrastructure provider, to facilitate seamless global crypto withdrawals.

As per a press release, the partnership introduces an innovative approach for users to effortlessly transform their digital assets into traditional currencies using their Visa debit cards. This development eliminates the complexities associated with centralized exchanges, simplifying the process for individuals navigating the cryptocurrency landscape.

Transak will utilize Visa Direct, a solution crafted by Visa, to enable real-time transactions and enhance the company’s global off-ramps services as outlined in the partnership agreement. Visa Direct has the capability to process transactions in real-time with a processing time of 30 minutes or less.

The integration, effective immediately, empowers users to make purchases at over 130 million merchant locations worldwide where Visa cards are accepted.

Expressing enthusiasm about the collaboration with Transak, Yanilsa Gonzalez-Ore, the North American head of Visa Direct, highlighted Transak's commitment to providing users with a faster, simpler, and more connected experience.

"By enabling real-time card withdrawals through Visa Direct, Transak is delivering a faster, simpler, and more connected experience for its users, making it easier to convert crypto balances into fiat.”

This partnership introduces new opportunities for users in 145 countries, enabling them to convert more than 40 cryptocurrencies available on Transak, including popular assets like bitcoin (BTC), ether (ETH), and Tether’s stablecoin USDT.

Users can now directly swap digital assets from their self-custodial wallets, such as MetaMask, onto their Visa debit cards.

The service is accessible to users in 145 countries, including Belgium, Netherlands, Luxembourg, France, Cyprus, Malta, Singapore, Turkey, Portugal, North Macedonia, the United Kingdom, Vatican City, Austria, Canada, Mexico, the United States, and the United Arab Emirates.

Harshit Gangwar, the marketing head and investor relations lead at Transak, described the collaboration with Visa as "a major step towards mainstream acceptance and utilization of cryptocurrencies”.

Sami Start, the co-founder & CEO of Transak, sees the Visa partnership as a pivotal moment for web3. He emphasized:

“We believe this partnership is an inflection point for web3. Now, millions across the globe have a straightforward way to cash out their digital asset holdings to their local currency intuitively and in real-time. They no longer have to walk the treacherous path of compliance uncertainty or face fraud risks — Transak and Visa have them covered for over 40 cryptocurrencies.”

Users of popular decentralized platforms and wallets, including MetaMask, Ledger, and Trust Wallet, stand to benefit from this collaborative effort.

Lorenzo Santos, senior product manager at MetaMask, expressed that the deal will open up new horizons for MetaMask users globally.

Beyond user convenience, the partnership emphasizes compliance with regulatory standards worldwide. Both Visa and Transak hold licenses in multiple jurisdictions, ensuring adherence to Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations, validating users and facilitating legal transactions.

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