Visa Partners With Transak To Enable Crypto Withdrawals In Over 140 Countries

Visa is reinforcing its commitment to cryptocurrency adoption by facilitating an additional avenue for exchanging crypto into fiat currencies without relying on a centralized exchange. The global payment giant has therefore joined forces with Transak, a Web3 infrastructure provider, to unveil a solution for cryptocurrency withdrawals and payments through Visa Direct.

This collaboration permits users to directly withdraw cryptocurrencies, such as Bitcoin, through a wallet like MetaMask to a Visa debit card. The integration, which is available immediately, empowers individuals to convert crypto into fiat and make payments at over 130 million merchant locations where Visa is accepted.

A Beneficial Partnership

Yanilsa Gonzalez-Ore, the North America Head of Visa Direct, praised Transak for providing a faster, simpler, and more connected experience by enabling real-time card withdrawals through Visa Direct. This integration significantly broadens the options for converting crypto into fiat currencies, marking a substantial milestone in bridging the gap between the crypto and traditional finance realms, according to Harshit Gangwar, the Head of Marketing and Investor Relations.

The partnership allows users in 145 countries to directly convert at least 40 cryptocurrencies to fiat without depending on centralized exchanges. Notable jurisdictions supported include Cyprus, Malta, Singapore, Portugal, and the United Arab Emirates.

Gangwar emphasized that this collaboration is a major step toward mainstream acceptance and utilization of cryptocurrencies, providing a more accessible and convenient transaction experience. He highlighted the benefits for users of decentralized platforms and wallets, such as MetaMask, Ledger, and Trust Wallet, pointing out that MetaMask users can seamlessly convert their digital assets to a Visa card.

Getting Involved With Crypto

MetaMask Senior Product Manager, Lorenzo Santos, acknowledged the significance of the Visa-Transak integration for MetaMask users, describing it as opening new horizons and providing greater flexibility in cryptocurrency to fiat conversions.

The proactive exploration of cryptocurrency use cases by Visa is evident in its strategic moves over recent years. In 2020, the company partnered with blockchain firm Circle to support the USDC stablecoin on specific Visa cards. Subsequently, in September 2023, Visa expanded its support for USDC payments settled on the Solana blockchain, showcasing its ongoing commitment to embracing and integrating cryptocurrencies into its services.