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Transak has announced an innovative collaboration with Visa, aimed at simplifying the process of converting cryptocurrencies into cash. Leveraging Visa’s Visa Direct service, this partnership is set to revolutionize how users worldwide can turn their digital assets into local currency.
As a leading provider of payment solutions for cryptocurrencies, Web3, and NFT platforms, Transak is joining forces with Visa, a powerhouse in the digital payment sector. Their combined effort is designed to facilitate easy crypto to fiat conversions for users across more than 145 countries.
Historically, the emphasis has been on purchasing cryptocurrencies, with less attention on how to convert digital assets back into fiat currency. This new initiative by Transak and Visa shifts the focus, offering a fast, secure, and compliant way for users to cash out their crypto holdings.
Thanks to Visa Direct’s capability for real-time processing, transactions can be completed in 30 minutes or less—a significant improvement over traditional banking methods, which often take several days for international transactions. This partnership supports over 40 different crypto tokens, providing a broad range of options for users seeking to liquidate their digital assets quickly.
Transak’s integration with Visa Direct extends to more than 350 Web3 wallets and gaming platforms, including well-known services like MetaMask, Trust Wallet, and Coinbase Wallet. This wide-reaching compatibility ensures that a large number of users can access and benefit from this streamlined conversion service.
The partnership between Transak and Visa Direct comes just 9 months after Transak successfully raised $20 million in a Series A funding round.