Transak, the payments infrastructure provider for crypto and NFTs, has announced a collaboration with Visa, an enabler of digital payments, in order to implement Visa Direct capabilities and help enhance its global off-ramp service.
This collaboration marks a significant milestone by “enabling users in over 145 countries to seamlessly convert their cryptocurrency holdings into local fiat currencies.”
In the race towards faster and easier crypto adoption, the ability “to exit the market has taken a back seat.”
Most platforms and gateways are highly optimized “for fiat-to-crypto conversions, but the reverse is not true.”
Many consumers need a fast, secure and compliant way “to exit the crypto market — a fitting tribute to the liquid nature of cryptocurrencies.”
The bridge to convert crypto to fiat “is missing for most people.”
As a result, they are stuck parking their funds in stablecoins or “resorting to other methods of cashing out that may fall in the gray zone of local regulations.”
Yanilsa Gonzalez-Ore, North America Head of Visa Direct and Global Ecosystem Readiness, 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.”
One of the most significant features of Visa Direct is its ability “to process transactions in real-time.”
This means that money can “be transferred almost in 30 minutes or less, which is “a significant advantage over traditional banking methods that can take 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.”
In traditional banking systems, converting and transferring funds, especially “across borders, can be a slow and cumbersome process.”
This collaboration can help reduce these delays, “allowing users to swiftly and securely access their funds in their local currencies.”
Meanwhile, Transak’s presence “on 350+ Web3 wallets and games like MetaMask, Trust Wallet, Coinbase Wallet, Ledger, Splinterlands, and Decentraland ensures widespread accessibility. It places crypto-to-fiat conversion at the fingertips of millions of users globally. These platforms are already familiar to many within the crypto community, and their use extends beyond mere storage of digital assets to include various interactive and transactional activities in the Web3 space.”
Sami Start, Co-founder & CEO of Transak remarked:
“We believe this partnership is an inflection point for Web3 as a whole. Now, millions across the globe have a straightforward way to cashout their digital asset holdings to their local currency in real-time and intuitively. They no longer have to walk the treacherous path of compliance uncertainty or face risks of fraud — Transak and Visa have them covered for over 40 cryptocurrencies.”
Transak is known for its product shipments “for Web3 onboarding. Visa Direct is one of the global leaders in Web2 payments.”
The collaboration of Transak and Visa Direct is “a crucial step towards the maturation and mainstream acceptance of digital currencies.”
This collaboration is about bridging a gap that has long “been a bottleneck in the crypto world: Converting cryptocurrency holdings into a local fiat currency quickly.”
The ability to easily convert cryptocurrencies to fiat efficiently is “not just a convenience – it dismantles the barriers of complexity and uncertainty that have hindered crypto adoption among the general public.”