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Web3 Payments Firm Transak Joins Visa Direct to Streamline Crypto-to-Fiat Conversion
The deal allows the Web3 payments infrastructure provider's users in over 145 countries to easily convert crypto into local currencies.
Updated Jan 30, 2024, 2:00 p.m. Published Jan 30, 2024, 2:00 p.m.
Web3 payments infrastructure provider Transak joined Visa Direct, making it easier for its users to convert their cryptocurrency holdings into regular currency.
Transak’s payment and onboarding services allow users to buy and sell crypto assets, handling the know-your-customer (KYC) requirements, risk monitoring and compliance on behalf of its clients, which include MetaMask and Coinbase Wallet. The Web3 startup raised $20 million last year in a Series A round to fund a global expansion. The Visa Direct program lets third-party providers connect to Visa’s network and routes payments directly onto Visa cards.
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“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 130 million merchant locations where Visa is accepted,” Yanilsa Gonzalez-Ore, North America head of Visa Direct and Global Ecosystem Readiness, said in a statement shared with CoinDesk.
Visa Direct lets users process transactions in less than 30 minutes, which means they will be able to convert their crypto into fiat in nearly real-time.
The platform currently supports more than 40 major crypto currencies, including bitcoin , ether , solana and dogecoin , and is available in over 145 countries.
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