July 21, 2024
Visa Expands Crypto Services for Global Users
Latest Cryptocurrency News

Visa Expands Crypto Services for Global Users

Visa, a global payment giant, is enhancing cryptocurrency adoption by collaborating with Web3 infrastructure provider Transak to facilitate cryptocurrency withdrawals and payments through the Visa Direct solution. This partnership allows users to withdraw cryptocurrencies, such as Bitcoin, directly from wallets like MetaMask to a Visa debit card. The integration enables crypto-to-fiat exchanges and payments at over 130 million merchant locations accepting Visa.

Transak’s collaboration with Visa Direct accelerates real-time card withdrawals, providing users with a faster and more streamlined experience for converting crypto balances into fiat. This strategic partnership expands the options for converting cryptocurrencies into fiat currencies, representing a significant milestone in bridging the gap between the crypto and traditional finance realms.

Users from 145 countries can now directly convert at least 40 cryptocurrencies to fiat without relying on centralized exchanges. Supported countries include Cyprus, Malta, Singapore, Turkey, Portugal, and the United Arab Emirates. This development is viewed as a crucial step towards mainstream acceptance and utilization of cryptocurrencies, offering enhanced accessibility and convenience for users.

The collaboration is particularly beneficial for users of decentralized platforms and wallets like MetaMask, Ledger, and Trust Wallet. MetaMask users, for example, can seamlessly off-ramp directly from their wallets to Visa cards, enhancing the usability and practicality of their digital assets.

“Transak’s integration with Visa opens new horizons for MetaMask users globally, providing more flexibility in smooth cryptocurrency to fiat conversions.”

Transak, holding licenses in multiple jurisdictions, ensures compliance with Know-Your-Customer and Anti-Money Laundering regulations, enabling legal verification of users and facilitating these transactions. Visa’s active exploration of cryptocurrency use cases is evident in its ongoing efforts, such as its partnership with Circle in 2020 to support the USDC stablecoin on certain Visa cards and the September 2023 rollout of support for USDC payments settled on the Solana blockchain.

Photo by Karolina Grabowska

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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