Cooperation between the Visa payment network and Web3 infrastructure provider Transak will facilitate crypto-to-fiat withdrawals without centralised exchanges involved.
Visa has partnered with Transak, a payments infrastructure provider for crypto and NFTs, to apply the capabilities of Visa Direct real-time payments to global crypto transactions.
The fresh collaboration enables users in over 145 countries to convert their crypto assets stored in wallets like Metamask, Trust Wallet, Coinbase Wallet, Ledger, Splinterlands, and Decentraland into local fiat without extra effort.
As funds are withdrawn to a Visa debit card, a user can immediately exchange crypto to fiat and pay at 130 million merchant locations where Visa is accepted.
“We believe this partnership is an inflection point for Web3 as a whole. Now, millions across the globe have a straightforward way to cashout their digital asset holdings to their local currency in real-time and intuitively. They no longer have to walk the treacherous path of compliance uncertainty or face risks of fraud — Transak and Visa have them covered for over 40 cryptocurrencies.”
Sami Start, Co-founder & CEO of Transak
The complexity of transactions and applications of crypto in offline settings is one of the main hindrances to more widespread crypto adoption. Real-time card withdrawals through Visa Direct provide a faster, simpler and more connected experience for Transak users, encouraging real-world crypto use cases.
The collaboration also helps bridge the overall gap between traditional finance and the innovative Web3 industry.
For Visa, it is not the first effort to facilitate crypto-to-fiat transactions. The payment giant has earlier partnered with Blockchain.com, Wirex, Binance, Nuvei, Crypto.com, and many other fintech and Web3 players in the issuance of crypto debit cards.
In 2021, Visa launched crypto advisory and consulting services to aid its business customers (i.e. retailers, financial institutions and other organizations) in attracting or retaining customers with a crypto offering, exploring digital currencies, and understanding the crypto ecosystem as a whole.
Acknowledging the crypto potential, Visa itself has an “ambitious crypto product roadmap.” According to its last-year job openings, the payment provider aims to drive the mainstream adoption of public blockchain networks and stablecoin payments.
