Visa, a leader in global payments, is making significant strides in the world of cryptocurrency by allowing direct crypto withdrawals to Visa debit cards in 145 countries. This groundbreaking move, resulting from a partnership with Web3 infrastructure provider Transak, enhances the flexibility and practicality of cryptocurrency use.
The service, enabled through Visa Direct, permits users to seamlessly transfer cryptocurrencies such as Bitcoin from digital wallets, including MetaMask, directly to their Visa debit cards. This integration, which supports at least 40 different cryptocurrencies, simplifies the conversion of crypto to fiat currency, making it more accessible and convenient for users worldwide.
Yanilsa Gonzalez-Ore, Visa Direct’s North America Head, emphasizes the ease and speed of this new method, which allows crypto balances to be quickly converted into spendable fiat currency at over 130 million merchant locations that accept Visa.
Harshit Gangwar, from Transak, highlights this partnership as a significant milestone in merging the worlds of cryptocurrency and traditional finance. It marks a major step towards the mainstream adoption and utility of cryptocurrencies, particularly for users in countries like Cyprus, Malta, Singapore, Turkey, Portugal, and the United Arab Emirates.
This collaboration is especially beneficial for users of decentralized platforms and wallets like MetaMask, Ledger, and Trust Wallet. According to MetaMask’s senior product manager Lorenzo Santos, this integration offers MetaMask users enhanced flexibility in converting cryptocurrencies to fiat.
Transak plays a crucial role in this partnership, holding licenses in various jurisdictions and ensuring compliance with Know-Your-Customer and Anti-Money Laundering regulations. This compliance enables Transak to legally facilitate such transactions.
Visa’s venture into the crypto space began in 2020 with its support for the USDC stablecoin on certain Visa cards. In September 2023, Visa further expanded its cryptocurrency support by allowing USDC payments to be settled on the Solana blockchain. This latest collaboration with Transak is a continuation of Visa’s commitment to exploring and integrating cryptocurrency solutions into its global payment network.