Visa and Transak enable crypto withdrawals and payments worldwide
Visa, the global payment giant, is making it easier for cryptocurrency users to exchange their digital assets to fiat currencies and spend them at millions of merchants around the world.
The company has teamed up with Transak, a Web3 infrastructure provider, to launch a new feature that allows users to withdraw cryptocurrencies like Bitcoin (BTC) directly from a wallet like MetaMask to a Visa debit card. The feature leverages Visa Direct, a real-time push payment platform that can transfer funds within minutes.
The integration, which was announced on Jan. 30, is available immediately and supports at least 40 cryptocurrencies, including Ethereum (ETH), Binance Coin (BNB), and Polygon (MATIC). Users from 145 countries can access the service, which covers jurisdictions like Cyprus, Malta, Singapore, Turkey, Portugal and the United Arab Emirates.
The partnership is a significant step in bridging the gap between the crypto and traditional finance worlds, as it provides more options and convenience for crypto users to convert and spend their digital assets. Transak’s marketing head and investor relations lead Harshit Gangwar said that the collaboration is a “major step towards mainstream acceptance and utilization of cryptocurrencies.”
“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,” Visa Direct’s North America Head Yanilsa Gonzalez-Ore said.
The feature also benefits users of decentralized platforms and wallets like MetaMask, Ledger, Trust Wallet and others, as they can now seamlessly off-ramp their crypto to their Visa card and use it for everyday purchases. “MetaMask users can now effortlessly off-ramp directly from their wallet to the Visa card, which enhances the usability and practicality of their digital assets,” Gangwar said.
Visa has been actively embracing the crypto space, partnering with various crypto platforms and issuing crypto debit cards. The company also holds a patent for a digital fiat currency system that could potentially support central bank digital currencies (CBDCs). With its latest move, Visa is further cementing its position as a leader in crypto adoption and innovation.
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