Transak Partners with Visa Direct for Smooth Crypto-to-Fiat Transactions

• Transak Joins Visa Direct to Simplify Crypto to Fiat Conversion
• Transak's Services and Contributions
• Benefits of the Visa Direct Program
• Transaction Speed and Supported Cryptocurrencies

Transak Joins Visa Direct to Simplify Crypto to Fiat Conversion

Web3 payment infrastructure provider, Transak, has recently become a part of Visa Direct. This partnership aims to facilitate users in transforming their cryptocurrency holdings into conventional currency.

Transak's Services and Contributions

Transak provides a platform for buying and selling crypto assets, taking care of the obligatory know-your-customer (KYC) requirements, risk monitoring, and compliance for its clients. Some notable clients include MetaMask and Coinbase Wallet. The Web3 startup successfully raised $20 million in a Series A funding round last year, which was aimed at fuelling a global expansion.

Benefits of the Visa Direct Program

The Visa Direct program offers a channel to third-party providers to connect with Visa's network. This enables direct routing of payments onto Visa cards. Yanilsa Gonzalez-Ore, North America head of Visa Direct and Global Ecosystem Readiness, expressed that Visa Direct's real-time card withdrawal feature makes for a faster, simpler, and more integrated user experience. It considerably simplifies the conversion of crypto balances into fiat currency that can be spent at over 130 million merchant locations where Visa is accepted.

Transaction Speed and Supported Cryptocurrencies

Visa Direct enables users to process transactions in under 30 minutes. This means that users can convert their crypto into fiat almost instantaneously. The platform currently supports more than 40 major cryptocurrencies. These include Bitcoin$42,260 -0.64% (BTC), Ether (ETH), Solana$104 5.03% (SOL), and Dogecoin$0.091 -0.42% (DOGE). Furthermore, the service is available in over 145 countries.

Edited by Jonathan Stoker