Visa is launching direct cryptocurrency withdrawals to its debit cards for 145 countries
Transak, a payment infrastructure provider for cryptocurrencies and NFTs, has announced a strategic partnership with Visa, a global leader in digital payments, to implement Visa Direct capabilities and help improve global standard services.
As part of this cooperation, Visa adds the ability to directly withdraw funds from cryptocurrency wallets to cards. At the same time, the automatic conversion of crypto-assets into national currencies will take place.
One of the most important features of Visa Direct is its ability to process transactions in real time. This means that money can be transferred in almost 30 minutes or less, which is a significant advantage over traditional banking methods that can take several days.
Transak’s presence in over 350 leading Web3 wallets, as well as MetaMask, Trust Wallet, Coinbase Wallet, Ledger, Splinterlands and Decentraland, ensures widespread availability. This makes cryptocurrency to fiat conversion available to millions of users around the world.
These platforms are already familiar to many crypto communities. Their use goes beyond the simple storage of digital assets and includes various interactive and transactional activities in the Web3 space.
According to Transak, the service is available in more than 145 countries, including Turkey, Malta, Cyprus, Singapore, Portugal, UAE, etc.
The platform supports the exchange of more than 40 digital assets, performs KYC procedures, monitors risks and complies with regulatory requirements in the interests of customers.
As noted by Transak’s head of marketing and head of investor relations, the collaboration should make it much easier for users to work with decentralized platforms and wallets.
Transak’s participation in the integration ensures compliance with regulations and allows for legal transactions. The platform is licensed in multiple jurisdictions such as Malta and Singapore and implements Know Your Customer and Anti-Money Laundering technology to verify users and facilitate secure transactions.
In recent years, Visa has expanded its involvement in the cryptocurrency industry. In particular, it launched web3’s customer loyalty program, partnered with Circle to support the USDC stablecoin on certain Visa cards, and rolled out support for USDC payments made on the Solana blockchain.
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