January 31, 2024

Visa, Transak Introduces Providing Crypto-to-Fiat- Withdrawals in 145 Countries

Transak x Visa

Transak x Visa

Two payment giants, Transak and Visa, announced a partnership to address one of the major roadblocks to the mass adoption of cryptocurrencies: the seamless conversion of digital assets into fiat currencies.

By offering direct crypto-to-card withdrawals in over 145 countries, the companies aim to bridge the divide between traditional finance and the world of cryptocurrencies. While Visa is a global leader in digital payments, Transak specializes in building payment infrastructure for crypto and NFTs.

Together, they recognize that on-ramps (allowing users to change fiat currencies like the U.S. dollar into crypto like Bitcoin) have received more attention than off-ramps (allowing participants to cash out their digital assets).

The companies explained that this situation often leaves users unable to exit crypto markets or promotes withdrawal methods that may run contrary to local regulations. In a statement, they noted that real-time payments through a secure, regulated channel offer a solution to this problem.

According to Yanilsa Gonzalez-Ore, North America Head of Visa Direct and Global Ecosystem Readiness, a secure and regulated real-time payment channel can help users easily navigate the crypto market.

“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, which can be spent at the more than 130 million merchant locations where Visa is accepted,” Gonzalez-Ore, Head of Visa Direct, North America Division, said.

CEO of Transak, Sami Start, has stated that their platform supports over 40 cryptocurrencies, providing users with numerous options for converting their crypto to fiat. Transak is also available on over 350 web3 wallets and defi platforms, including MetaMask and Decentraland.

This partnership comes at a time when the ownership of cryptocurrencies has grown significantly over the past year. As reported by crypto.news, global crypto usage increased by 34% in 2021, with Bitcoin and Ethereum (ETH) being the main drivers behind the rise to 580 million users worldwide.

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