In a groundbreaking move, global payment giant Visa is strengthening its commitment to cryptocurrency by offering a new avenue for exchanging crypto to fiat without resorting to centralized exchanges. Teaming up with Web3 infrastructure provider Transak, Visa is set to revolutionize cryptocurrency withdrawals and payments via its Visa Direct solution.
The innovative integration now allows users to seamlessly withdraw cryptocurrencies, such as Bitcoin, directly from wallets like MetaMask to Visa debit cards. Effective immediately, this integration facilitates cryptocurrency-to-fiat exchanges and payments at over 130 million merchant locations globally where Visa is accepted.
Yanilsa Gonzalez-Ore, Head of Visa Direct in North America, praised the collaboration, stating, “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.”
This strategic partnership expands the spectrum of options for converting crypto into fiat currencies, marking a significant milestone in bridging the worlds of crypto and traditional finance. Harshit Gangwar, Marketing Head and Investor Relations Lead at Transak, emphasized the global impact, allowing users from 145 countries to directly convert over 40 cryptocurrencies to fiat without relying on centralized exchanges.
Gangwar highlighted the collaboration as a “major step towards mainstream acceptance and utilization of cryptocurrencies,” emphasizing the enhanced accessibility and convenience brought about by the integration. Users of decentralized platforms and wallets, including MetaMask, Ledger, and Trust Wallet, stand to benefit significantly from the seamless off-ramping of digital assets directly to Visa cards.
Lorenzo Santos, Senior Product Manager at MetaMask, acknowledged the importance of the Visa-Transak integration, stating, “Transak’s integration with Visa opens new horizons for MetaMask users globally, providing more flexibility in smooth cryptocurrency-to-fiat conversions.”
Transak, with licenses in multiple jurisdictions, ensures compliance with Know-Your-Customer and Anti-Money Laundering regulations, making the platform a secure facilitator of such transactions. Visa’s continued exploration of cryptocurrency use cases is evident, with notable partnerships in 2020 and subsequent support for USDC payments on the Solana blockchain in 2023.
As Visa actively embraces the crypto landscape, this latest collaboration further cements its position as a key player driving cryptocurrency integration in traditional financial ecosystems.