In a major news around TradFi venturing into DeFi, the American multinational payments company Visa has teamed up with the Web3 payments infrastructure firm Transak.
As per the press release, Transak and Visa have launched a Visa Direct service that allows users to easily convert their cryptocurrency into fiat currency.
The Visa Direct service allows users to execute transactions in less than 30 minutes. This way, users will be able to convert their crypto holdings into fiat in nearly real-time.
“Now, millions across the globe have a straightforward way to cashout their digital asset holdings to their local currency in real-time and intuitively,” said Transak Co-founder & CEO Sami Start.
Thanks to the latest integration, users can withdraw over 40 cryptocurrencies from Web3 wallets and games like MetaMask, Trust Wallet, Coinbase Wallet, Ledger, Splinterlands, and Decentraland. These funds can then be transferred to a Visa card.
Users can tap the Visa Direct service to process transactions at 130 million merchant locations in over 145 countries where Visa is accepted.
“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,” said Yanilsa Gonzalez-Ore, North America Head of Visa Direct and Global Ecosystem Readiness.
This isn’t Visa’s first venture into the world of cryptocurrency.
Visa, along with the leading stablecoin issuer Circle, has been working on the Ethereum blockchain network to enhance cross-border payment settlements since 2021. In 2023, it also tapped Solana for the venture.
Among the global payment solutions, Visa is a prominent player that is getting increasingly involved in the DeFi sector.
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