By
Temitope Olatunji
April 26th, 2024
Users can swap the digital assets directly from their self-custodial wallets, such as MetaMask, onto their Visa debit cards.
In a significant leap towards making cryptocurrency more accessible to people worldwide, Visa, a global payment giant, has joined forces with Transak, a Web3 infrastructure provider, to enable global crypto withdrawals.
In a press release shared with Coinspeaker on January 30, the partnership introduced an innovative method for users to seamlessly convert their digital asset holdings into traditional currencies using their Visa debit cards. The move eliminates the need for complex centralized exchanges, making it easier for individuals to navigate the crypto world.
Transak to Bring Faster Transaction Experience to Users
Transak will leverage Visa Direct, a solution built by Visa, to facilitate real-time transactions to enhance the company’s global off-ramps services as part of the partnership agreement. Visa Direct can process transactions in real-time with a processing time of 30 minutes or less.
The integration, available immediately, empowers users to make purchases at more than 130 million merchant locations worldwide where Visa cards are accepted.
Expressing excitement about the collaboration with Transak, Yanilsa Gonzalez-Ore, the North American head of Visa Direct, said Transak will provide users with a swifter, more straightforward, and better-connected experience.
“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,” said Gonzalez-Ore.
Visa Extends Crypto Withdrawal Access to 145 Countries
The partnership opens up new possibilities for users in 145 countries, allowing them to convert more than 40 cryptocurrencies available on Transak, including popular crypto assets like Bitcoin (BTC), Ethereum (ETH), and Tether’s stablecoin USDT.
Users can swap the digital assets directly from their self-custodial wallets, such as MetaMask, onto their Visa debit cards.
The service is available to users in 145 countries, including Austria, France, Cyprus, Malta, Singapore, Turkey, Portugal, North Macedonia, the United Kingdom, Vatican City, Canada, Mexico, the United States, and the United Arab Emirates.
Harshit Gangwar, the marketing head and investor relations lead at Transak, described the collaboration with Visa as “a major step towards mainstream acceptance and utilization of cryptocurrencies.”
The company’s co-founder & CEO, Sami Start, sees the partnership with Visa as an inflection point for Web3.
“We believe this partnership is an inflection point for Web3. Now, millions across the globe have a straightforward way to cash out their digital asset holdings to their local currency intuitively and in real-time. They no longer have to walk the treacherous path of compliance uncertainty or face fraud risks — Transak and Visa have them covered for over 40 cryptocurrencies,” he said.
Opens New Horizons for MetaMask
Users of popular decentralized platforms and wallets, including MetaMask, Ledger, and Trust Wallet, stand to benefit from the new collaboration.
Lorenzo Santos, senior product manager at MetaMask, said the deal will open up new horizons for MetaMask users globally.
Meanwhile, the partnership goes beyond convenience for users as both Visa and Transak hold licenses in multiple jurisdictions in compliance with regulatory standards around the world. This ensures compliance with Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations, validating users and enabling legal transactions.