Transak teams up with Visa to allow users to convert crypto into fiat

A Web3 payments infrastructure provider, Transak, recently announced its new partnership with Visa, one of the world’s largest card and payment providers. The two have teamed up in order for Transak to allow its users to convert their cryptocurrencies into their local fiat currencies easily using its service.

Transak and Visa team up

The partnership will allow Transak to tap into Visa Direct, which means that users from more than 145 countries around the world will be able to use the new service and convert their coins and tokens into fiat currencies. Immediately, Transak will allow users to convert over 40 different cryptos into fiat in a process that will take less than 30 minutes to complete.

The head of Visa Direct for North America, Yanils Gonzalez-Ore, commented on the new partnership, stating that enabling real-time card withdrawals using Visa Direct will allow Transak to deliver a faster, simpler, and more connected experience to its user base.

As a result, its customers will find it much easier to convert their crypto balances into traditional currencies and easily spend them with over 130 million merchant locations where Visa is currently accepted.

Establishing a bridge for converting crypto to fiat

Transak’s own CEO, Sami Start, commented on the partnership, stating that he and his team believe that the team-up with Visa will serve as an inflection point for Web3 as a whole. “Now, millions across the globe have a straightforward way to cash out their digital asset holdings to their local currency in real-time and intuitively,” Start noted.

He also explained that users will no longer have to “walk the treacherous path of compliance uncertainty or face risks of fraud:” With the ability to convert the funds right there on the platform, users will have access to two very trusted and respected services, and through them, to their money in any form they wish to own it in.

Transak’s announcement of the deal also pointed out that the bridge to convert crypto to fiat is completely absent for a large number of people. As a result, they are stuck, and their only option is to convert their funds into stablecoins or resort to other methods of cashing out, many of which are likely unsafe and in the gray zone of local regulations — provided that there are any regulations to speak of.

And, with Visa Direct’s ability to process transactions in real-time — one of its most significant features — the money can be converted and transferred in 30 minutes or less. While this is not quite instant, it is far better than the traditional banking methods that still require days to achieve the same.