- Visa is joining forces with payment service Transak in a strategic partnership.
- The collaboration aims to enhance the conversion of digital assets into fiat currencies.
- Residents in over 145 countries will have the ability to exchange and withdraw cryptocurrencies to Visa bank cards.
In an effort to expand the capabilities of converting digital assets into fiat money, payment infrastructure provider Transak has partnered with Visa, according to Incrypted. The joint venture is expected to enable users in more than 145 countries to withdraw cryptocurrencies from wallets such as MetaMask and Coinbase Wallet to their bank cards. Transak guarantees that all transactions will occur in real time and will take no more than 30 minutes to complete, as per the company’s press release.
“By offering withdrawals via Visa Direct, Transak provides a faster, simpler, and more integrated experience for its users. The payment service makes it easy to convert digital assets into fiat money that can be spent at more than 130 million merchants where Visa is accepted,” said Yanilsa Gonzalez-Ore, Visa Direct Head of Business.
Hence, this collaboration eliminates the need to utilize centralized exchanges for cryptocurrency transactions. Sami Start, Transak’s Co-founder and CEO, lauds it as a “game changer for Web3.”
Start believes that millions of individuals worldwide will now be able to convert their digital assets into their local currency, without having to deal with potential fraudulent activities or complicated exchange requirements.
Transak, a payment platform, offers a range of tools that facilitate the buying and selling of cryptocurrencies. In 2023, the Web3 startup secured $20 million in a Series A funding round involving Animoca Brands, IOSG, Signum Capital, and other venture capital firms.
According to its official website, Transak supports over 170 cryptocurrencies and is available in more than 100 countries, including the US, Portugal, Turkey, Belgium, Indonesia, Malta, Kazakhstan, and many others.
It is worth noting that Visa has previously formed several partnerships aimed at integrating cryptocurrency payments. For instance, it signed a memorandum of cooperation with the WhiteBIT crypto exchange and introduced settlements in USDC stablecoins.
We also reported that as of October 2023, the total transaction volume using Visa crypto cards reached $3 billion.