Visa Unveils Partnership with Transak to Boost Cryptocurrency Accessibility and Usability
Summary:
Visa is collaborating with Web3 infrastructure provider Transak to support the withdrawal and spending of cryptocurrency via the Visa Direct service. This integration enables conversion of cryptocurrencies into fiat currency to facilitate payments at places where Visa is accepted. The partnership enhances global cryptocurrency accessibility, permitting users from 145 countries to convert over 40 cryptocurrencies into fiat directly, bypassing centralized exchanges. The move aligns with Visa's increasing exploration of cryptocurrency applications, following its support for USDC stablecoin payments through partnerships with blockchain firms like Circle and Solana.
Visa, a leading payments company, is intensifying efforts to foster the use of cryptocurrencies by adding an alternative method for their conversion into traditional currencies that bypasses regular exchanges. To this end, Visa has joined forces with Transak, a Web3 infrastructure supplier, to enable the withdrawal and use of cryptocurrency via the Visa Direct service, as revealed on January 30th. This development permits users to directly transfer cryptocurrencies like Bitcoin from wallets like MetaMask to a Visa debit card. This service is immediately available and it facilitates conversion of cryptocurrencies into traditional currency and their use at any of the 130 million outlets that accept Visa.
According to Yanilsa Gonzalez-Ore, the head of Visa Direct North America, Transak's real-time card withdrawals via Visa Direct provide users a faster, simpler and more interconnected experience, simplifying the conversion of cryptocurrency into traditional money. Harshit Gangwar, the head of marketing and investor relations at Transak, noted this collaboration considerably extends the methods for converting cryptocurrencies to traditional money and marks a significant step toward uniting the worlds of cryptocurrency and conventional finance.
The partnership permits users from 145 nations to convert more than 40 different cryptocurrencies directly into traditional money, free from dependence on centralized exchanges. Included amongst these countries are places such as Cyprus, Malta, Singapore, Turkey, Portugal and the UAE, as documented on Transak's webpage of global coverage.
Gangwar emphasized this as a significant move towards the widespread acknowledgment and use of cryptocurrencies, highlighting the increased accessibility and convenience of the transactions facilitated by this integration. He further stated that this partnership adds significant value to users of decentralized platforms and wallets like MetaMask, Ledger, Trust Wallet and others. Users of MetaMask, he pointed out, can now convert their digital assets to traditional currency directly from their wallets to their Visa cards, thereby enhancing the real-world usability of these assets.
Sharing similar sentiments, Lorenzo Santos, a senior product manager at MetaMask, acknowledged the extraordinary benefits for MetaMask users that this integration with Visa and Transak brings, allowing them greater flexibility for seamless conversions from cryptocurrencies to traditional currencies.
Transak's involvement with the conversion platform, according to Gangwar, stems from it being licenced to operate in several jurisdictions and its implementation of Know-Your-Customer and Anti-Money Laundering technology that allows it to both validate users and legally authorize such transactions.
In the recent past, Visa, one of the formidable players in the payments industry, has been actively investigating the potential applications of cryptocurrencies. In 2020, the payment giant made a notable foray into the cryptocurrency world by teaming up with blockchain company Circle to accept USDC stablecoin payments. Additionally, in September 2023, Visa announced support for USDC payments settled via the Solana blockchain, thereby extending its stablecoin support.
Published At
1/30/2024 5:00:00 PM
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