Visa Launches Direct Cryptocurrency Withdrawals to Cards in Over 145 Countries
In a strategic collaboration, international payment giant Visa has introduced its Visa Direct capabilities to the crypto industry through a partnership with Transak, allowing users to withdraw cryptocurrencies directly using debit cards, DailyCoin reports.
Cryptocurrency payment infrastructure provider and NFT Transak has announced a strategic collaboration with Visa, the global leader in digital payments, to implement Visa Direct capabilities and help improve global standard services to enable its customers to withdraw funds from cryptocurrency wallets directly to cards.
This collaboration marks an important milestone, as it allows users in more than 145 countries to seamlessly convert their cryptocurrency holdings into local fiat currencies.
Visa users will be able to convert their digital assets into local currency in real time. To withdraw funds, you will need to use Visa Direct, according to Transak's website.
According to the company, the money can be transferred in 30 minutes or even faster, which is a significant advantage compared to traditional banking methods that can take several days. This will especially speed up the conversion and transfer of funds abroad.
"By enabling real-time card withdrawals through Visa Direct, Transak is delivering a faster, easier and more connected experience for its users - making it easier to convert cryptocurrency balances into fiat funds that can be spent at more than 130 million Visa-accepted merchants," said Janilsa Gonzalez-Ore, head of Visa Direct and Global Ecosystem Readiness for North America.
According to Sami Start, co-founder and CEO of Transak, new users "no longer have to navigate the treacherous path of compliance uncertainty or face fraud risks" as Transak and Visa's collaboration provides them with "protection for over 40 cryptocurrencies".
Transak is present in more than 350 Web3 cryptocurrency wallets and games such as MetaMask, Trust Wallet, Coinbase Wallet, Ledger, Splinterlands and Decentraland and supports over 40 cryptocurrencies.
As previously reported by The Gaze, Europe has become the second largest cryptocurrency economy in the world, second only to North America. According to a study by analytics company Chainalysis, the region accounted for 17.6% of the global cryptocurrency transaction volume from July 2022 to June 2023, with approximately USD 1 trillion flowing into the cryptocurrency space during this period.
Earlier this year, the UK Parliament called for equating cryptocurrencies with gambling.