Crypto and NFT payments infrastructure company Transak has partnered with Visa to integrate Visa debit capabilities into its global off-ramp service. This move increases the options for crypto-to-fiat off-ramps, allowing users in over 145 countries to convert their crypto holdings into local fiat currencies.
Using a product called Visa Direct, Transak will allow the fluid conversion of digital assets into fiat currency across the industry. This collaboration addresses a critical gap in the market: the ease of crypto-to-fiat conversion. Historically, the focus has been on facilitating the flow of fiat into crypto, leaving the reverse process, from crypto back to fiat, less developed and often cumbersome.
This has led to a reliance on stablecoins or alternative, less-regulated conversion methods, which could be problematic regarding local compliance. The partnership between Transak and Visa introduces a solution to this challenge, offering real-time card withdrawals through Visa Direct. Yanilsa Gonzalez-Ore, North America Head of Visa Direct, highlighted the significance of this integration, emphasizing its role in providing a more connected and efficient experience for users.
“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.”
A key feature of Visa Direct is its real-time transaction processing capability, potentially completing transfers in under 30 minutes—a stark contrast to the often lengthy procedures in traditional banking. Further, most off-ramps today are limited to centralized exchanges, meaning investors are required to undergo at least a momentary move into centralized custody before withdrawing.
The ability to convert crypto to fiat directly from a wallet allows users to retain the self-sovereign aspect of self-custody in crypto. Transak is integrated into more than “350 leading Web3 wallets and games, such as MetaMask, Trust Wallet, Coinbase Wallet, and Ledger.”
Sami Start, CEO of Transak, views this partnership as a pivotal moment for Web3, commenting,
“We believe this partnership is an inflection point for Web3 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…