Transak, a payments infrastructure provider for crypto and NFTs, has partnered with Visa. This collaboration aims to empower users globally, enabling them to convert their cryptocurrency holdings into local fiat currencies.
Transak's presence across 350+ Web3 wallets and platforms ensures widespread accessibility for users worldwide. From MetaMask to Coinbase Wallet, Transak's integration aims to simplify the conversion process, bringing crypto-to-fiat capabilities to crypto users.
Targeting Swift Crypto-to-Fiat Conversions
Sami Start, the Co-Founder and CEO of Transak, mentioned in a statement shared with Finance Magnates on Telegram: "We believe this partnership is 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 intuitively and in real-time. They no longer have to walk the treacherous path of compliance uncertainty or face risks of fraud."
Visa Direct's hallmark feature is its ability to swiftly process transactions. This stands in stark contrast to traditional banking methods, which can entail lengthy delays, especially across borders. By integrating Visa Direct with Transak's infrastructure, users can access a mechanism for converting crypto assets into fiat, enhancing liquidity and accessibility.
Yanilsa Gonzalez-Ore, the Head of Visa Direct and Global Ecosystem Readiness in North America, added: "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."
Acquisitions and Web3 Ventures
Recently, Visa partnered with Plug and Play to enhance fintech innovation in Canada. With the fintech sector projected to grow at an annual rate of 25% until 2029, Visa's involvement aims to amplify this growth trajectory. Through initiatives like the Fintech Fast Track Program, Visa targets startups with the tools and resources to revolutionize payment solutions.
Visa's acquisition of Pismo, a cloud-based fintech startup, underscores its commitment to expanding beyond traditional card payments. This deal, worth $1.2 billion deal, lets Visa offer core banking and card processing solutions, leveraging Pismo's cloud-native APIs.
Additionally, Visa's foray into Web3 technologies signals a proactive approach toward digital innovation. The launch of Visa Web3 Loyalty Engagement, in collaboration with SmartMedia Technologies, bridges the gap between Web2 and Web3 realms.
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