Visa partners with Transak to convert cryptocurrencies to fiat in 145 countries

Visa users can now withdraw digital assets from a crypto wallet to a debit card

31.01.2024 - 09:05

555

2 min

Last updated on Aug 5, 2024

What’s new? Payment company Visa has partnered with Web 3.0 infrastructure provider Transak to enhance the ability to convert cryptocurrencies to fiat. The integration allows users to withdraw digital assets directly from a crypto wallet to a Visa debit card. The solution opens up the ability to exchange and pay at 130 million merchants where Visa is accepted. According to Visa Direct’s North America Head Yanilsa Gonzalez-Ore, “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.”

Cointelegraph’s material

What else is known? Transak’s marketing head and investor relations lead Harshit Gangwar said that the partnership significantly expands the options for converting cryptocurrencies to fiat and is an important milestone in bringing the cryptocurrency and traditional financial worlds closer together.

The partnership allows users from 145 countries to directly convert at least 40 cryptocurrencies to fiat without resorting to centralized exchanges (CEXs). The list of supported countries includes Cyprus, Malta, Singapore, Turkey, Portugal, and the United Arab Emirates, according to Transak’s website.

Gangwar said Transak holds licenses in various jurisdictions and ensures that it has customer identification and anti-money laundering (KYC/AML) technologies in place. This allows the platform to verify the user and legally conduct transactions, he added.

In September, Visa expanded its pilot project for cross-border settlement in USDC stablecoins from the Circle issuer to include the Solana blockchain.

In October, payment company Mastercard announced plans to collaborate with non-custodial cryptocurrency wallet providers, including MetaMask and Ledger.

Author: