Transak Partners with Visa to Streamline Crypto-to-Fiat Conversions
Transak, a leading infrastructure provider for crypto-to-fiat conversions, has joined forces with global payments giant Visa to enhance the efficiency of moving between cryptocurrencies and traditional currencies.
Visa Direct: Real-Time Push Payments
Visa Direct, a service that enables real-time push payments to over one billion Visa card accounts within 30 minutes or less, is now accessible through Transak. This offers a significant improvement compared to traditional banking rails, which often take days for fund transfers and conversions, especially when crossing borders.
Accessibility for Digital Wallets
The collaboration allows any digital wallet already using Transak’s infrastructure to access Visa’s network. This includes over 350 wallets such as MetaMask, TrustWallet, and Ledger. Users can seamlessly sell their crypto for fiat currency and spend it at over 130 million merchants worldwide that accept Visa.
A Solution to Converting Crypto Holdings into Local Fiat Currency
This partnership addresses a common challenge in mainstream crypto adoption – the swift conversion of crypto holdings back into local fiat currency. While stablecoins provide a partial solution, they face legal uncertainties in many jurisdictions. For instance, Canada has delisted Tether (USDT), the largest stablecoin by market cap.
Visa’s Involvement in the Crypto Space
Visa, along with its competitor Mastercard, has been actively supporting the crypto ecosystem by offering services that bridge the gap between fiat and digital assets. Visa has utilized USDC on Ethereum and Solana blockchains to settle millions of dollars’ worth of fiat currency payments authorized over VisaNet. The company has also expressed its belief in the future of stablecoins and central bank digital currencies.
Hot Take: Visa and Transak Empower Global Crypto-to-Fiat Conversions
The partnership between Transak and Visa marks a significant milestone in making crypto-to-fiat conversions more accessible and efficient. With direct access to Visa Direct’s real-time push payments, crypto holders in 145 countries can seamlessly sell their digital assets for fiat currency. This collaboration not only simplifies the conversion process but also addresses the challenge of quickly converting crypto holdings into local fiat currency. By leveraging Transak’s existing infrastructure, users can easily cash out their cryptocurrencies and spend their fiat at millions of merchants worldwide that accept Visa. This partnership highlights Visa’s commitment to supporting the crypto ecosystem and driving mainstream adoption.
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