Feb 01, 2024 04:21
Transak, a payments infrastructure provider forcrypto and NFTs, has partnered with Visa. This collaborationaims to empower users globally, enabling them to convert theircryptocurrency holdings into local fiat currencies.
Transak's presence across 350+ Web3 walletsand platforms ensures widespread accessibility for users worldwide. FromMetaMask to Coinbase Wallet, Transak's integration aims to simplify theconversion process, bringing crypto-to-fiat capabilities to crypto users.
Targeting Swift Crypto-to-Fiat Conversions
Sami Start, the Co-Founder and CEO of Transak,mentioned in a statement shared with Finance Magnates on Telegram: "We believe this partnership is an inflection point for Web3 asa whole. Now, millions across the globe have a straightforward way to cash outtheir digital asset holdings to their local currency intuitively and in real-time. They no longer have to walk the treacherous path of complianceuncertainty or face risks of fraud."
Visa Direct's hallmark feature is its ability to swiftly process transactions. This stands in starkcontrast to traditional banking methods, which can entail lengthy delays,especially across borders. By integrating Visa Direct with Transak's infrastructure, users can access a mechanism forconverting crypto assets into fiat, enhancing liquidity and accessibility.
Yanilsa Gonzalez-Ore, the Head of Visa Direct andGlobal Ecosystem Readiness in North America, added: "By enabling real-timecard withdrawals through Visa Direct, Transak is delivering a faster, simpler, and more connected experience for its users, making it easier to convert cryptobalances into fiat, which can be spent at the more than 130M merchant locationswhere Visa is accepted."
Acquisitions and Web3 Ventures
Recently, Visa partnered with Plug and Play toenhance fintech innovation in Canada. With the fintech sector projected to growat an annual rate of 25% until 2029, Visa's involvement aims to amplify thisgrowth trajectory. Through initiatives like the Fintech Fast Track Program,Visa targets startups with the tools and resources to revolutionize paymentsolutions.
Visa's acquisition of Pismo, a cloud-based fintechstartup, underscores its commitment to expanding beyond traditional cardpayments. This deal, worth $1.2 billion deal, lets Visa offer core banking and cardprocessing solutions, leveraging Pismo's cloud-native APIs.
Additionally, Visa's foray into Web3 technologiessignals a proactive approach toward digital innovation. The launch of VisaWeb3 Loyalty Engagement, in collaboration with SmartMedia Technologies, bridgesthe gap between Web2 and Web3 realms.
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This article was written by Jared Kirui at www.financemagnates.com.
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