Visa Powers Crypto-to-Fiat Withdrawals with Transak Tie-Up

Visa has partnered with Transak to power global crypto-to-fiat transactions in over 145 countries.

by Brian Danga. Fact checked by: Ciaran Lawler, Editor: Stefan Trapp

Published: January 30, 2024 │ 4:29 PM GMT

Hand touching an Ethereum coin in space as many other crypto coins floating about. — *Created by Gabor Kovacs from DailyCoin*

Visa has doubled down on crypto adoption with a new collaboration.
The global payments giant partnered with Transak to power crypto-fiat withdrawals.
The service will be available to users in over 145 countries.

In a strategic move, global payment giant Visa has brought its Visa Direct capabilities to the crypto industry via a collaboration with Transak, enabling users to withdraw cryptocurrencies directly via debit cards.

Transak is a leading payments infrastructure provider for crypto and NFTs, with API-driven solutions that enable Web3 platforms to onboard users from over 150 countries to crypto. Incubated by the Tachyon accelerator program, Transak is backed by reputable VCs like Consensys and Animoca Brands.

Visa Brings Crypto-to-Fiat Conversion to Millions of Users Globally

According to a press release shared with DailyCoin on January 30, the partnership is a revolutionary step that “places crypto-to-fiat conversion at the fingertips of millions of users globally” via Transak’s presence in over 150 leading Web3 platforms, including MetaMask, Ledger, Trust Wallet, and Coinbase Wallet.

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Following the collaboration, users in over 145 countries can seamlessly convert their crypto holdings into local fiat currencies without going through centralized exchanges.

North America Head of Visa Direct and Global Ecosystem Readiness, Yanilsa Gonzalez-Ore, lauded the collaboration, noting that it gives crypto users the convenience to spend at over 130 million visa-powered merchant locations in real-time.

“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,” Yanilsa Gonzalez-Ore stated.

Per Transak Co-founder & CEO Sami Start, new users “no longer have to walk the treacherous path of compliance uncertainty or face risks of fraud,” as the Transak-Visa collaboration has them “covered for over 40 cryptocurrencies.”