Visa, the global payment leader, has teamed up with Transak, a Web3 infrastructure provider, to launch a new service that allows users to withdraw cryptocurrencies from their wallets to their Visa debit cards. The service, powered by Visa Direct, is available in 145 countries and supports over 40 different cryptocurrencies.
Visa Direct is a real-time payment solution that enables users to send and receive money across the Visa network. By integrating with Transak, Visa Direct can now facilitate crypto-to-fiat conversions, allowing users to access their crypto funds in local currencies and spend them at millions of merchants that accept Visa.
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 Yanilsa Gonzalez-Ore, the head of Visa Direct for North America.
Transak Bridges The Gap Between Crypto And Traditional Finance
Transak is a platform that enables users to buy and sell cryptocurrencies using various payment methods, such as bank transfers, credit cards, and mobile money. Transak also provides Web3 infrastructure for developers and businesses to integrate crypto payments into their applications and websites.
Harshit Gangwar, the marketing and investor relations lead at Transak, said that the partnership with Visa is a significant step towards the mainstream adoption of virtual currencies. He said this is a major step towards mainstream acceptance and utilization of digital currencies, and the service is more convenient and accessible than centralized exchanges.
The service is especially beneficial for users of decentralized platforms and wallets, such as MetaMask, Ledger, Trust Wallet, and others, as they can now withdraw their digital assets directly from their wallets to their Visa cards without going through intermediaries or third parties.
Lorenzo Santos, the senior product manager at MetaMask, a popular browser extension and mobile app that allows users to interact with decentralized applications, said that the integration with Visa and Transak opens new possibilities for MetaMask users. He said:
“Transak’s integration with Visa opens new horizons for MetaMask users globally, providing more flexibility in smooth cryptocurrency to fiat conversions.”
The service is currently live and available for users in 145 countries, including Cyprus, Malta, Singapore, Turkey, Portugal, and the United Arab Emirates, according to Transak’s global coverage page. Users can choose from a variety of virtual currencies, such as Bitcoin, Ethereum, USDC, DAI, and more, to withdraw and convert to their local currencies.
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