Transak Enables Crypto Cashouts Under 30 Minutes in Over 145 Countries With Visaby Fintech News Singapore January 31, 2024
Payments giant Visa has teamed up with Transak, a provider of cryptocurrency and NFT payment infrastructure. This is set to enhance Transak’s service of converting cryptocurrency to fiat currency, benefiting users in over 145 countries through the integration of Visa Direct.
The introduction of Visa Direct into this process aims to improve transaction speed, potentially reducing the time for money transfers to under 30 minutes, a notable improvement over the longer durations typical in conventional banking.
The collaboration aims to enhance the practicality and accessibility of digital currencies as it focuses on simplifying the conversion process from cryptocurrency to local fiat currencies, thereby addressing some of the challenges that have previously limited wider adoption of digital currencies.
Transak, which supports more than 40 cryptocurrencies, is integrated with over 350 Web 3.0 wallets and games such as MetaMask, Trust Wallet, and Coinbase Wallet. This integration ensures that a larger number of users can access the crypto-to-fiat conversion service.
The firm is a Web 3.0 onboarding infrastructure provider with solutions designed to ease the process for users to engage with cryptocurrencies, addressing aspects like user KYC, risk monitoring, compliance, payment methods, and customer support.
“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,”
said Yanilsa Gonzalez-Ore, North America Head of Visa Direct and Global Ecosystem Readiness.
“We believe this partnership is an inflection point for Web 3.0 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,”
said Sami Start, Co-founder & CEO of Transak.