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Transak, a Web3 payment platform, announced it has partnered with Visa Direct, a service that simplifies cryptocurrency to fiat conversions.
Transak partners with Visa for crypto-to-fiat
The integration leverages Visa’s network to provide a seamless experience for crypto asset holders. It allows users to convert and withdraw their cryptocurrency holdings directly into their bank accounts.
Whilst there has been growing interest in cryptocurrencies for many years now, converting these assets into fiat currency has remained a challenge for the industry.
Transak is a leading payments infrastructure provider for crypto and NFTs, with API-driven solutions that enable Web3 platforms to onboard users from over 150 countries to crypto.
According to a press release, the partnership is a “revolutionary step that places crypto-to-fiat conversion at the fingertips of millions of users globally” via Transak’s presence in over 150 leading Web3 platforms, including MetaMask, Ledger, Trust Wallet and Coinbase Wallet.
“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,” comments Yanilsa Gonzalez-Ore, North America Head of Visa Direct and Global Ecosystem Readiness.
The announcement highlights that a key attribute of Visa Direct is its capability for immediate transaction processing, which translates to the possibility of money transfers being completed in nearly 30 minutes or less, marking a notable improvement compared to conventional banking practices, which often require several days.
“Combining this with Transak’s robust infrastructure and support for over 40 cryptocurrencies, the collaboration welcomes a new dawn for those who want to quickly exit the crypto market,” the company emphasized.
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