Key Insights
- Visa partners with Transak to enable direct crypto-to-fiat withdrawals without exchanges
- New integration allows real-time transfers from wallets like MetaMask to Visa debit cards
- Service available in 145 countries covering 40 cryptos, simplifies cashing out assets
NEW YORK (MarketsXplora) – Visa Inc (V.N) has partnered with crypto infrastructure provider Transak to launch a new service allowing users to withdraw cryptocurrencies like bitcoin from wallets and exchange them for fiat money that can be spent using Visa cards.
The integration will enable real-time transfers from wallets such as MetaMask directly onto users’ Visa debit cards, the companies said in a statement on Tuesday.
The service uses Visa Direct, the payments giant’s platform to push payments to customer accounts. It will be available in 145 countries to start, covering 40 cryptocurrencies including major coins like bitcoin, ether and SOL.
Users can convert the crypto and spend the funds wherever Visa cards are accepted, offering a simplified way to cash out digital assets without needing to use an exchange as an intermediary step.
“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,” said Yanilsa Gonzalez-Ore, Visa’s head of North America push payments.
Transak, which provides digital asset infrastructure, is involved to verify users and ensure anti-money laundering checks are done, its marketing head Harshit Gangwar told MarketsXplora. This enabled a legal channel for offramping crypto onto debit cards, he added.
According to MetaMask’s senior product manager, the tie-up opened “new horizons” for its wallet’s users by strengthening the interconnectivity between crypto and traditional finance.
For non-custodial wallets, it offers a new way to access spending power without needing to liquidate through centralized exchanges that may implement withdrawal limits.
Visa has been growing acceptance of stablecoins like USD Coin on its payments network as it expands crypto optionality for clients, partners and merchants.
In 2020, it opened up cards to settlements in USDC via a partnership with Circle (USDC.N).
“This is a major step towards mainstream acceptance” of digital assets, Gangwar said.