Users of MetaMask can sell crypto directly to a Visa card. This abolishes the need to utilize centralized exchanges.
Visa, an international payment behemoth, is committed to adopting cryptocurrency by enabling another tactic to exchange crypto for fiat currencies in the absence of a centralized exchange.
Visa Partners with Transak to Avail Crypto Withdrawal
The multinational has collaborated with Transak, a Web3 infrastructure provider, to launch cryptocurrency payments and withdrawals via the Visa Direct solution. The new incorporation will permit the direct withdrawal of cryptocurrencies such as Bitcoin from a wallet, for instance, MetaMask, to a Visa debit card.
The integration is instantly available and enables people to convert crypto into fiat. Payments can be made at 130 million merchant locations where Visa is recognized.
Yanisla Gonzalez-Ore, Visa Direct’s North American head, said that enabling real-time withdrawal via Visa Direct enables Transak to deliver a simpler, quicker, and more connected user experience. As such, converting crypto balances into fiat becomes easier.
Harshit Gangwar, Transak’s marketing and investor relations head, noted that the partnership considerably increases the number of alternatives to change crypto into fiat currencies. It also introduces a breakthrough in linking the worlds of traditional finance and crypto.
The collaboration permits users from 145 nations to directly change at least 40 cryptocurrencies without depending on centralized exchanges.
Transak’s international coverage page gives examples of supported nations, including Singapore, the United Arab Emirates, Turkey, Cyprus, and Portugal. According to Harshit, this is a significant step toward mainstream acceptance as well as the use of cryptocurrencies.
Harshit claimed that the partnership introduces considerable benefits to the users of decentralized platforms as well as wallets such as Trust Wallet, MetaMask, Ledger, and others. According to him, users can smoothly off-ramp directly from their wallet to the Visa card, thus improving their digital assets’ usefulness and usability.
MetaMask Users Benefiting from Visa-Transak Partnership
Lorenzo Santos, MetaMask’s senior product manager, said that the partnership between Transak and Visa promotes a critical future for MetaMask users. He noted that the integration of Transak with Visa provides new opportunities for users of MetaMask across the world, offering additional flexibility in smooth cryptocurrency as well as fiat conversions.
Harshit claimed that the platform plays a role in the integration since it holds permits in several jurisdictions and ensures that Anti-Money Laundering (AML) and Know-Your-Customer (KYC) technologies are in place. This makes it easy for Transak to confirm the user and lawfully approve these kinds of transactions.
Visa is one of the globe’s most prominent firms in the payments industry and has continuously explored cryptocurrency users for some time.
In 2020, the company made a significant shift to crypto by collaborating with Circle, a blockchain company, to back the USDC stablecoin on specific Visa cards. In September last year, Visa unveiled support for USDC payments settled on the Solana blockchain as it kept expanding the backing of the stablecoin.
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