Transak, a prominent payments infrastructure provider specializing in crypto and NFTs, has unveiled a strategic partnership with Visa, a global leader in digital payments. The collaboration aims to integrate Visa Direct capabilities, enhancing Transak’s global off-ramp service. This partnership represents a notable achievement, enabling users in more than 145 countries to effortlessly convert their cryptocurrency assets into local fiat currencies.
In the pursuit of accelerated and simplified crypto adoption, the focus on facilitating exits from the market has been overshadowed. While platforms and gateways excel in optimizing fiat-to-crypto conversions, the reverse process is often neglected. There is a growing demand among consumers for a swift, secure, and compliant method to exit the crypto market, acknowledging the fluid nature of cryptocurrencies.
For many individuals, the essential bridge to convert crypto to fiat is absent, leading them to either park their funds in stablecoins or explore alternative cash-out methods that may navigate the uncertain terrain of local regulations. This is where Transak’s partnership with Visa comes to the assistance of users by facilitating real-time card withdrawals. However, note that the actual availability of funds relies on the recipient’s financial institution and region.
Yanilsa Gonzalez-Ore, North America Head of Visa Direct and Global Ecosystem Readiness, said, “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, which can be spent at the more than 130M merchant locations where Visa is accepted.”
Revolutionizing Crypto Adoption
A standout feature of Visa Direct is its capability to process transactions in real-time, allowing money to be transferred in approximately 30 minutes or less. This presents a notable advantage compared to traditional banking methods, which may take days. Coupled with Transak’s robust infrastructure and support for over 40 cryptocurrencies, this collaboration heralds a new era for individuals seeking a swift exit from the crypto market.
Within conventional banking systems, converting and transferring funds, particularly across borders, can be a sluggish and cumbersome procedure. This partnership between Transak and Visa has the potential to significantly diminish these delays, enabling users to access their funds swiftly and securely in their local currencies. Simultaneously, Transak’s integration with over 350 prominent Web3 wallets and games such as MetaMask, Trust Wallet, Coinbase Wallet, Ledger, Splinterlands, and Decentraland guarantees extensive accessibility.
This positions crypto-to-fiat conversion within reach of millions of users worldwide. These platforms are already well-known to a substantial portion of the crypto community, and their functionality extends beyond merely storing digital assets to encompass a range of interactive and transactional activities within the Web3 space.
Underscoring the significance of this partnership, Sami Start, Co-founder & CEO of Transak, commented, “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.”
Transak has built a reputation for swiftly delivering products for Web3 onboarding, while Visa Direct stands as a global leader in Web2 payments. The partnership between Transak and Visa Direct represents a pivotal move toward the maturation and widespread acceptance of digital currencies. At its core, this collaboration aims to address a longstanding bottleneck in the crypto world by enabling the rapid conversion of cryptocurrency holdings into local fiat currencies.
The seamless conversion of cryptocurrencies to fiat isn’t just a matter of convenience; it also dismantles the barriers of complexity and uncertainty that have impeded widespread crypto adoption among the general public. It encourages broader participation in the crypto space, opening up new possibilities for diverse users who seek accessibility and ease of use in their financial transactions. This shift contributes to the ongoing evolution and integration of cryptocurrencies into mainstream financial practices.
