Leading global payment company Visa has introduced a new way to convert cryptocurrencies into fiat money without the need for centralized exchanges. In a major move announced on Jan. 30, 2024, Visa partnered with Web3 infrastructure vendor Transak to integrate crypto payments and withdrawals into its Visa Direct product.Users can now take out crypto straight from wallets such as MetaMask onto a Visa debit card.
The integration, which is already in effect, allows for frictionless crypto-to-fiat trades at any of the 130 million Visa merchant locations worldwide. Through the partnership, customers from 145 countries including the UAE, Cyprus, Singapore, Malta, Portugal and Turkey, can directly swap more than 40 cryptocurrencies for fiat, eliminating the need for centralized exchanges.
Yanilsa Gonzalez-Ore, head of North America Visa Direct, lauded Visa Direct’s real-time withdrawals and pointed out that Transak’s solution improves user experiences by making the process of converting cryptocurrency balances into fiat money faster, easier and more connected.
According to Harshit Gangwar, head of marketing and investor relations at Transak, the partnership between Transak and Visa is significant because it broadens the opportunities for converting cryptocurrency into fiat currency. That conversion is a critical step in closing the divide between conventional finance and crypto.
Gangwar emphasized how revolutionary the integration is, calling it a significant step toward the adoption and acceptance of cryptocurrencies by the general public. Further, he noted that the integration enhances accessibility and convenience, particularly for users of decentralized wallets and platforms, includingTrust Wallet, Ledger and MetaMask.
Lorenzo Santos, senior product manager at MetaMask, acknowledged the significance of the collaboration, stating that Transak’s integration with the global payment platform offers new avenues for MetaMask users worldwide, providing enhanced flexibility when converting crypto to fiat.
The integration of Transak is supported by licenses from several jurisdictions, guaranteeing adherence to antimoney laundering and know-your-customer laws. This strong architecture, according to Gangwar, guarantees a safe and legal environment by allowing the company to authenticate users and permit transactions.
Visa has been exploring the potential applications of cryptocurrencies for a while. In 2020, the company collaborated with blockchain startup Circle to enable the USDC stablecoin on specific Visa cards. The collaboration comes at a time when cryptocurrency ownership has increased dramatically over the last 12 months. Global cryptocurrency use rose by 34% last year, with ethereum and Bitcoin being the main drivers of the rise to 580 million users globally.
This new partnership between Visa and Transak is likely to complement what exchanges such as Coinbase Global Inc. (NASDAQ: COIN) are doing to make crypto more accessible to the wider public.
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