News | Jan 31, 2024

Image: Unsplash/Stephen Andrews

Transak, a Web3 infrastructure provider, has partnered with Visa to facilitate cryptocurrency withdrawals and payments through Visa Direct

This collaboration allows users to seamlessly convert 40 different digital assets from wallets such as MetaMask into local fiat currencies in over 145 countries without relying on centralized exchanges providing more accessibility and convenience for crypto transactions.

One of the key features of this collaboration is the use of Visa Direct, which enables real-time card withdrawals. This means that users can now transfer money in less than 30 minutes, a stark contrast to the slower processes typical in traditional banking. This development not only enhances the speed but also the convenience of converting crypto balances into fiat currencies that can be used at over 130 million merchant locations globally where Visa is accepted.

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Transak facilitates the purchase and sale of crypto assets and manages essential regulatory requirements such as Know-Your-Customer (KYC) and risk monitoring. The partnership also addresses a long-standing issue in the cryptocurrency space: the ease of converting crypto to fiat. While many platforms have focused on fiat-to-crypto conversions, the reverse process has often been cumbersome and limited.

Visa’s Recent Crypto, Web3, and Blockchain Partnerships

Visa has formed partnerships with more than 60 crypto platforms, including major entities like FTX, BlockFi, Crypto.com, Coinbase, and Binance. These partnerships enable customers to use their digital assets to pay for goods and services with crypto-linked cards, simplifying the process of converting and spending digital currencies​.

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Visa has launched a web3 loyalty rewards program in partnership with SmartMedia Technologies. This program offers digital wallets for collecting tokenized tickets, loyalty coins, digital collectibles, and other perks from brands. These can be applied to virtual and physical experiences. The partnership aims to redefine the value exchange between brands and consumers in a mobile payments-first world. The platform is user-friendly and doesn’t require advanced knowledge of blockchain technology​.

Cuy Sheffield, the Head of Crypto at Visa, outlined the company’s ongoing initiatives and future plans in leveraging blockchain for global settlements, cross-border disbursements, and client education. Visa has pioneered testing stablecoin settlements on the Ethereum blockchain and expanded its settlement pilot to include the Solana blockchain. The company is exploring the potential of enabling clients to push funds over blockchain networks in approved stablecoins to next-generation digital wallets​.

Visa and cryptocurrency payments app Wirex have expanded their partnership to 40 countries. This long-term global partnership allows Wirex to increase its footprint in the Asia-Pacific region and the U.K., further integrating cryptocurrency payment solutions into mainstream finance​.

Outlook

The partnership between Transak and Visa offers an easy solution for the conversion of crypto to fiat currencies, addressing a critical need in the digital asset space. By enabling real-time card withdrawals through Visa Direct, the process of converting and spending cryptocurrencies becomes more streamlined and user-friendly, significantly reducing the time and complexity involved in these transactions.

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The partnership’s reach, extending to over 145 countries and supporting 40 digital assets, demonstrates a notable expansion in the accessibility and utility of cryptocurrencies in everyday transactions.

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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• Source: https://ncfacanada.org/visa-and-transak-team-up-for-crypto-withdrawals-in-145-countries/