JAKARTA - Global payments giant Visa is further strengthening cryptocurrency adoption by allowing other methods to exchange cryptocurrencies into fiat currency without using centralized exchanges.
Visa has partnered with Web3 infrastructure provider Transak to introduce the withdrawal and payment of cryptocurrencies through its Visa Direct solution, as announced by both companies on January 30.
This new integration allows users to pull cryptocurrencies like Bitcoin directly from a wallet like MetaMask to a Visa debit card. This integration allows one to exchange crypto into fiat and pay at 130 million merchant locations where Visa is received.
"By allowing real-time card withdrawal via Visa Direct, Transak provides a faster, simpler, and more connected experience for users - making it easier to convert crypto balance into fiat," said Visa Direct Head for North America, Yanilsa Gonzalez-Ore.
This collaboration significantly expands the number of options for converting crypto into fiat currency and reaches a major milestone in uniting the world of crypto and traditional finance, said Transak's Head of Marketing and Relations, Harshit Gangwar.
This partnership allows users from 145 countries to directly convert at least 40 cryptocurrencies to fiat without relying on centralized exchanges. Some supported countries include jurisdictions such as Cyprus, Malta, Singapore, Turkey, Portugal, and the United Arab Emirates.
"This is a major step towards mainstream acceptance and utilization of cryptocurrencies," Gangwar said, highlighting the nature of more accessible and convenient transactions made possible by this integration.
According to Gangwar, this collaboration provides significant benefits for users of decentralized platforms and wallets such as MetaMask, Ledger, Trust Wallet, and others. "MetaMask users can now easily exchange directly from wallets to Visa cards, increasing the usefulness and practice of their digital assets," he said.
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According to MetaMask Senior Product Manager Lorenzo Santos, the collaboration between Visa and Transak does allow significant features for MetaMask users.
"Transak integration with Visa opens new horizons for MetaMask users globally, providing more flexibility in the smooth conversion of cryptocurrencies to fiat," Santos said.
According to Gangwar from Transak, the platform is engaged in integration because it has licenses in several jurisdictions and ensures that the Kenali-Pelangan and Anti-Money Laundering technologies are in place. This allows Transak to verify users and legally activate these transactions, he added.
As one of the largest companies in the payment industry, Visa has been actively exploring cases of cryptocurrency use in recent years. In 2020, Visa made a big move into the crypto world by partnering with blockchain firm Circle to support USDC stablecoins on several Visa cards.
In September 2023, Visa launched support for USDC payments completed on the Solana blockchain while continuing to expand support for the stablecoin.
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