Payments giant Visa has partnered with Transak – a Web3 infrastructure provider, introducing cryptocurrency withdrawal and payment features through its Visa Direct solution, according to an official announcement dated January 30.
This feature is now available to use, allowing users to withdraw cryptocurrency directly from a blockchain wallet like MetaMask to a Visa debit card, as well as convert crypto to fiat currency and pay at 130 million locations accept cards.
The new solution will allow users from 145 countries such as Cyprus, Malta, Singapore, Turkey, Portugal, United Arab Emirates,… to directly convert at least 40 cryptocurrencies to fiat without relying on centralized exchanges.
Yanilsa Gonzalez-Ore, director of Visa Direct for North America, said, users will experience a faster, simpler and more interactive service, making the conversion of cryptocurrency to fiat easy.
As for Transak, Mr. Harshit Gangwar, head of marketing and investor relations, assessed that this move is an important milestone in connecting the worlds of cryptocurrency and traditional finance.
The fact that Transak has licenses in multiple countries as well as its compliance with Identity Verification (KYC) and Anti-Money Laundering (AML) regulations is the reason for the company's participation in developing the new solution with Visa.
Visa is considered a leading traditional financial company to actively adopt cryptocurrency in recent years.
In 2020, they partnered with blockchain company Circle to support stablecoin USDC on certain Visa cards. By September 2023, the company continues to deploy USDC payment support on the Solana blockchain platform.
