Transak Partners with Visa to Enable Global Crypto Withdrawals

Transak, a leading payments infrastructure provider for crypto and NFTs, has teamed up with Visa, a world leader in digital payments, to enhance its global off-ramp service with Visa Direct capabilities. This strategic collaboration opens doors for users in more than 145 countries to swiftly convert their cryptocurrency holdings into their local fiat currencies.

Filling the gap: Crypto-to-Fiat conversion simplified

In the race for broader crypto adoption, the means to exit the market have often been overlooked. While platforms excel at facilitating fiat-to-crypto conversions, the reverse isn’t always true. Many users require a swift, secure, and compliant method to exit the crypto market, aligning with the fluid nature of cryptocurrencies.

The bridge to convert crypto to fiat has been absent for most users, leading them to rely on stablecoins or other methods that may skirt local regulations. Visa’s North America Head of Visa Direct and Global Ecosystem Readiness, Yanilsa Gonzalez-Ore, highlighted Transak’s role, stating that they’re delivering a faster, simpler, and more connected experience for users, making it effortless to convert crypto into fiat for spending at the vast network of Visa-accepted merchants, numbering over 130 million globally.

He said,

“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 130M merchant locations where Visa is accepted.”

Transak and Visa revolutionizing Crypto-to-Fiat transactions

A standout feature of Visa Direct is its real-time transaction processing, completing transfers in under 30 minutes. This outpaces traditional banking methods, notorious for taking days, especially for cross-border transactions. With Transak’s robust infrastructure supporting over 40 cryptocurrencies, this collaboration ushers in a new era for swift exits from the crypto market.

Traditional banking systems often lag, making conversions and fund transfers cumbersome, especially across borders. This collaboration promises to significantly reduce such delays, granting users quick and secure access to their funds in their local currencies.

Transak’s presence on more than 350 leading Web3 wallets and games, such as MetaMask, Trust Wallet, Coinbase Wallet, Ledger, Splinterlands, and Decentraland, ensures wide accessibility. This puts crypto-to-fiat conversion at the fingertips of millions of global users, already familiar with these platforms.

What’s the impact of this collaboration?

Sami Start, Co-founder & CEO of Transak, emphasized the partnership’s significance, stating that it marks an inflection point for Web3. Users worldwide now have a straightforward way to convert their digital assets to local currency in real-time, without navigating compliance uncertainties or facing fraud risks. This collaboration represents a significant step forward for the crypto world.

Transak is renowned for its swift product deployments for Web3 onboarding, while Visa Direct is a global leader in Web2 payments. Their partnership represents a critical stride towards digital currency’s maturation and widespread acceptance.

This collaboration seeks to eliminate a long-standing bottleneck in the crypto ecosystem – the rapid conversion of cryptocurrency holdings into local fiat currencies. The ability to efficiently convert cryptocurrencies to fiat is not merely a convenience; it dismantles the complexity and uncertainty barriers that have hindered crypto adoption among the general public.

Abit about Transak

Transak, a leading Web3 onboarding infrastructure provider, offers API-driven solutions to onboard users from 150+ countries to crypto. Their widget can be easily integrated into apps, abstracting complexities like user KYC, risk monitoring & compliance, payment methods, and customer support. Transak is a product of the Tachyon accelerator program and enjoys backing from top VCs, including ConsenSys and Animoca Brands.