Transak and VISA Direct Team Up for Smoother Conversion of Crypto to Fiat Currencies

Transak, a highly-aspired developer of an integration toolkit for buying and selling cryptocurrencies via multiple channels, announces a significant strategic agreement with VISA, a renowned payment provider with a strong global presence. Thanks to this partnership, players will be able to seamlessly convert cryptocurrencies such as Bitcoin, Litecoin, Ethereum, and others into fiat in over 145 countries.

As far as the companies pointed out, this move creates the bridge for the conversion of crypto to fiat, a feature that’s missing for most consumers. It also represents a crucial step towards the mainstream acceptance of digital currencies, keeping consumers assured that they are completely safe and legitimate to use.

Smoother Conversion

With cryptocurrencies gradually becoming the more and more popular means of online payments for transactions on the Internet, the need for convenient tools for conversion is on the rise as well.

This solution represents a fast, secure, and what’s most important, compliant feature for conversion of crypto assets into fiat currencies.

Yanilsa Gonzalez-Ore, North America Head of Visa Direct and Global Ecosystem Readiness commented on the agreement as follows:

“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 130M merchant locations where Visa is accepted.”

One of the greatest advantages Visa Direct offers is real-time transaction processing, completed within approximately 30 minutes or even less. With reduced delates, users will be able to access their funds in local currencies quickly and without much hassle, if any.

Powerful Solutions

Presenting itself as a leading Web3 onboarding infrastructure provider, Transak is dedicated to delivering API-driven solutions that aim to minimize versatile procedures. Present in a large number of countries all over the globe, it enables smoother completion of ID verification (Lite KYC), risk monitoring & compliance, payment methods, and customer support.

The list of products available in the company’s portfolio includes

• On-Ramp for purchasing crypto from fiat
• Direct Off-Ramp from fiat
• Transak One, the on-click fiat to protocol onboarding
• NFT Checkout- on-click fiat to NFT checkout

Transak supports 170+ cryptocurrencies across 75+ blockchains in over 188+ countries. Some of the supported currencies include BTC, USDC, XRP, DOGE, BNB, USDT, SHIB, SOL, DAI, and many, many more.

SOFTSWISS Has a Card up Its Sleeve

A bit less than two years ago, a similar feature was presented by SOFTSWISS, allowing players to convert fiat currencies into a total of nine different crypto assets.

Wanting to grant consumers access to as many games as possible, the innovative solutions provider and aggregator went live with In-Game Currency Conversion Feature. This feature made it possible for players to launch online casino games that are not natively optimized for cryptocurrencies.

Initially, the option was available for USD only, but gradually the selection was expanded to include eight more fiat currencies, among which EUR, CAD, NOK, and so on. The report published in September 2023 confirmed that the presentation of this tool was a Jackpot for the company, as 85% of all bets were placed using this tool, from the moment it was launched.

Source:

“Transak Partners with Visa to Enable Global Crypto Withdrawals”, transak.com, January 30, 2024.