Visa, a global payment giant, and Transak have partnered to enable an alternative method of withdrawing cryptocurrencies that circumvents the need for a centralized exchange.
The Web3 infrastructure provider Transak and Visa have formed a partnership to enable cryptocurrency payments and withdrawals via the Visa Direct solution, the companies announced on January 30.
Using the new integration, users can now withdraw cryptocurrencies such as Bitcoin directly to a Visa debit card from a wallet such as MetaMask. The integration, which is immediately available, facilitates the exchange of cryptocurrencies for fiat currency and payment at 130 million merchant locations that accept Visa.
Visa Direct’s North America Head Yanilsa Gonzalez-Ore stated, “By enabling real-time card withdrawals through Visa Direct, Transak is providing its users with a quicker, simpler, and more connected experience — making it easier to convert crypto balances into fiat.”
Harshit Gangwar, chief of investor relations and marketing for Transak, remarked that the partnership signifies a central turning point in bridging the crypto and traditional finance sectors and substantially increases the number of options for converting cryptocurrencies to fiat currencies.
Without relying on centralized exchanges, the partnership enables users from 145 countries to directly convert at least 40 cryptocurrencies to fiat. According to Transak’s global coverage page, supported jurisdictions consist of Cyprus, Malta, Singapore, Turkey, Portugal, and the United Arab Emirates.
“This development signifies a significant progression towards the widespread adoption and utilization of cryptocurrencies,” Gangwar declared, emphasizing the enhanced convenience and accessibility of the transactions facilitated by the integration.
According to Gangwar, the collaboration provides substantial advantages to users of decentralized platforms and wallets, including MetaMask, Ledger, Trust Wallet, and others. He remarked, “MetaMask users can now effortlessly transition from their wallet to the Visa card via off-ramp, which improves the usability and utility of their digital assets.”
Lorenzo Santos, senior product manager at MetaMask, affirms that the partnership between Visa and Transak does provide MetaMask users with noteworthy functionality. What he stated was:
“Transak’s integration with Visa opens new horizons for MetaMask users globally, providing more flexibility in smooth cryptocurrency to fiat conversions.”
The platform is involved in the integration, per Gangwar of Transak, because it maintains licenses in multiple jurisdictions and assures the implementation of Know-Your-Customer and Anti-Money Laundering technology. The executive continued, “This allows Transak to verify the user and lawfully permit such transactions.”
Visa, a prominent multinational corporation operating in the payments sector, has been diligently investigating the potential applications of cryptocurrencies in recent times.
Visa entered the cryptocurrency market in 2020 with a significant development: a partnership with the blockchain company Circle to support the USDC stablecoin on select Visa cards. Visa extended support for USDC payments settled on the Solana blockchain in September 2023 as the stablecoin’s support grew.
