Visa and Transak Partnership
Visa and Transak have joined forces to address a key challenge in the crypto industry: converting digital assets into fiat currencies. The collaboration aims to bridge the gap between cryptocurrencies and traditional finance by offering direct crypto-to-card withdrawals in more than 145 countries.
Addressing Pain Points
Visa, a leader in digital payments, has partnered with Transak, a company specializing in crypto and NFT payment infrastructure. They highlighted that while on-ramps allowing users to convert fiat currencies into crypto have gained attention, off-ramps for cashing out digital assets have been neglected. This often leaves users unable to exit the crypto market or forces them to use withdrawal methods that may violate local regulations.
The Solution: Real-Time Card Withdrawals
By enabling real-time card withdrawals through Visa Direct, Transak aims to provide a faster and more convenient experience for its users. This allows for easy conversion of crypto balances into fiat currencies, which can be spent at the millions of merchant locations where Visa is accepted.
“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.”
Yanilsa Gonzalez-Ore, Head of Visa Direct, North America Division
Diverse Crypto Options
Transak’s support for over 40 cryptocurrencies offers users numerous choices for converting crypto to fiat. The company also has a presence on more than 350 web3 wallets and defi platforms, including MetaMask and Decentraland.
Rising Crypto Ownership
This partnership comes at a time when global crypto usage has surged. In 2023, the number of crypto users worldwide increased by 34%, reaching 580 million. Bitcoin and Ethereum played significant roles in this growth.
Hot Take: Enhancing Crypto Adoption Through Fiat Conversions
Visa and Transak’s collaboration to provide direct crypto-to-card withdrawals is a significant step towards enhancing mass adoption of cryptocurrencies. By addressing the pain points associated with converting digital assets into fiat currencies, they are creating a more seamless and convenient experience for crypto users. This partnership not only benefits individuals looking to exit the crypto market but also ensures compliance with local regulations. With the increasing popularity of cryptocurrencies, such initiatives play a crucial role in integrating digital currencies into traditional finance systems.
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