Visa Empowers Crypto Withdrawals in 145 Countries with Debit Cards

Visa, a global payment giant, is further embracing the adoption of cryptocurrency by offering a new method to exchange crypto to fiat currencies without relying on a centralized exchange. The company has partnered with Transak, a Web3 infrastructure provider, to introduce cryptocurrency withdrawals and payments through its Visa Direct solution. This integration allows users to withdraw cryptocurrencies like Bitcoin directly from their wallet, such as MetaMask, to a Visa debit card. Users can then use their Visa card to pay at over 130 million merchant locations that accept Visa. This partnership marks a significant milestone in bridging the gap between crypto and traditional finance.

The collaboration between Visa and Transak expands the options available for converting crypto into fiat currencies. Users from 145 countries can directly convert at least 40 cryptocurrencies without the need for centralized exchanges. Supported countries include regions like Cyprus, Malta, Singapore, Turkey, Portugal, and the United Arab Emirates. By offering more accessible and convenient transactions, this integration is a major step towards the mainstream acceptance and utilization of cryptocurrencies.

The benefits of this partnership extend to users of decentralized platforms and wallets, such as MetaMask, Ledger, and Trust Wallet. MetaMask users, for example, can easily convert their digital assets to fiat directly from their wallet to a Visa card. This newfound flexibility enhances the usability and practicality of their cryptocurrencies. The collaboration between Visa and Transak opens up new opportunities for MetaMask users worldwide, providing more options for smooth cryptocurrency to fiat conversions.

Transak’s involvement in this integration is crucial as it holds licenses in multiple jurisdictions and ensures compliance with Know-Your-Customer and Anti-Money Laundering regulations. This allows Transak to verify users and legally enable these transactions. As one of the largest companies in the payments industry, Visa has been actively exploring the use cases of cryptocurrency. In 2020, Visa partnered with Circle to support the USDC stablecoin on certain Visa cards. Visa also rolled out support for USDC payments settled on the Solana blockchain, indicating its continued expansion of stablecoin support.

Visa’s collaboration with Transak represents a significant advancement in the cryptocurrency space. By offering a direct method to convert crypto to fiat and use it in everyday transactions, this integration paves the way for the mainstream acceptance and utilization of cryptocurrencies. With the support of decentralized platforms and wallets, users can now enjoy more flexibility and convenience when managing their digital assets. This partnership demonstrates Visa’s commitment to staying at the forefront of digital payments and embracing the potential of cryptocurrencies.