Payment infrastructure provider Transak has entered into an agreement with Visa, marking a major milestone in their mission to expand the horizons of converting digital assets into traditional currency.
This collaboration aims to empower users in over 145 countries by allowing them to seamlessly withdraw cryptocurrency from popular wallets such as #MetaMask and #Coinbase Wallet to their bank cards. Transak assures that all transactions will be real-time and will take no more than 30 minutes, as emphasized in the press release.
Utilizing Visa Direct's capabilities, Transak offers expedited withdrawals, simplifying the process of converting digital assets into fiat money. This new capability allows people to spend their converted funds at more than 130 million merchants worldwide that accept Visa.
"Transak's integration with Visa Direct provides users with a faster, simpler and more seamless experience by eliminating the need for centralized exchanges"stated Yanilsa Gonzalez-Ore, Head of Visa Direct.
The initiative, launched by Transak, removes the complexities associated with traditional exchanges. Sami Start, co-founder and CEO of Transak, called this partnership "a game changer for #Web3," emphasizing that it will have a transformative impact on millions of people around the world. With the ability to convert their digital assets into local currency, users can now bypass the fraud risks and onerous requirements typically associated with the exchange process.
Transak's payment platform offers a full suite of tools designed to simplify the buying and selling of cryptocurrencies. In a recent Series A funding round, startup Web3 received a $20 million round of funding with participation from #Animoca Brands, IOSG, Signum Capital and other prominent venture capital funds. As stated on the company's official website, Transak supports a wide range of over 170 cryptocurrencies and operates in more than 100 countries, including Turkey, Portugal, USA, Malta, Belgium, Indonesia, Kazakhstan and many others.
It is worth noting that Visa is actively seeking partnerships to integrate cryptocurrency payments into its ecosystem. The collaboration with Transak follows a memorandum of cooperation signed with cryptocurrency exchange #WhiteBIT and the inclusion of settlement in USDC stable coins.
As of October 2023, #Visa's cryptocurrency transaction volume has already surpassed $3 billion, underscoring the growing importance of digital assets in the global financial landscape.
