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Two payment giants are collaborating to tackle one of crypto’s pain points regarding mass adoption: swapping digital assets into fiat currencies.
On Jan. 30, Transak and Visa announced a partnership to bridge the gap between the worlds of cryptocurrencies and traditional finance by offering direct crypto-to-card withdrawals in over 145 nations.
Visa is a world leader in digital payments, while Transak specializes in building payment infrastructure for crypto and NFTs. Together, the pair noted that on-ramps that allow users to change fiat currencies like the U.S. dollar into crypto like Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) have garnered more attention than off-ramps that allow participants to cash out their digital assets.
In a statement, the companies said this situation often leaves users unable to exit crypto markets or incentivizes withdrawal methods that may run contrary to local regulations.&nbsp;
Yanilsa Gonzalez-Ore, North America Head of Visa Direct and Global Ecosystem Readiness, remarked that real-time payments through a secure regulated channel solve this.
You might also like: <a href="https://crypto.news/north-america-leads-in-crypto-usage-trend-chainalysis-says/" rel="noopener noreferrer nofollow"> North America leads in crypto usage trend, Chainalysis says </a>
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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. <cite>Yanilsa Gonzalez-Ore, Head of Visa Direct, North America Division</cite>
</blockquote>
<a href="https://transak.com/" target="_blank" rel="noopener noreferrer nofollow">Transak</a> co-founder and CEO Sami Start added that his firm’s support for over 40 cryptocurrencies translates to many options for crypto-to-fiat conversions. Transak also has a presence on over 350 web3 wallets and defi platforms, such as MetaMask and Decentraland.&nbsp;&nbsp;
The partnership comes when crypto ownership has grown in leaps and bounds over the past year. As crypto.news <a href="https://crypto.news/crypto-usage-grew-34-in-2023-bitcoin-ethereum-major-catalysts/" target="_blank" rel="noopener noreferrer nofollow">reported</a>, global crypto usage increased by 34% in 2023, with Bitcoin and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) recorded as major catalysts behind the ascent to 580 million users worldwide.
Read more: <a href="https://crypto.news/crypto-usage-grew-34-in-2023-bitcoin-ethereum-major-catalysts/" rel="noopener noreferrer nofollow"> Crypto usage grew 34% in 2023; Bitcoin, Ethereum major catalysts </a>

Visa, Transak to provide crypto-to-fiat withdrawals in 145 countries

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