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Crypto markets are expected to see an influx of investors in the next anticipated bull cycle. However, with the impact of the FTX collapse, it is likely that investors will increase their investment share through ETF and DeFi channels. The world’s largest companies in the field are also taking serious steps. After the ETF move by BlackRock and others, Visa is now on stage.
Visa and Cryptocurrencies
Global payment giant Visa, like its competitors, is closely interested in cryptocurrencies. Anticipating that more investors will be introduced to crypto for the first time in the future, the company has taken a significant step. The biggest problem for DeFi is the conversion from crypto to fiat currency, and today’s announcement is related to a proposed solution for this issue.
Visa has announced a partnership with Web3 infrastructure company Transak to initiate crypto withdrawal and payment transactions through Visa Direct. With the new integration, investors will be able to convert their cryptocurrencies from Metamask wallets into cash and withdraw them as fiat currency to their accounts.
The integration, which is immediately available for use, allows for the exchange and payment of crypto for fiat currency at 130 million locations where Visa is accepted. Yanilsa Gonzalez-Ore, Visa Direct North America President, said;
“Transak enables real-time card withdrawals through Visa Direct, offering users a faster, simpler, and more connected experience and facilitating the conversion of crypto balances to fiat.”
At least 40 cryptocurrencies can be directly converted and spent as fiat currency without the need for any central exchange. Countries supported by Transak include regions with a high concentration of crypto investors such as Turkey, Singapore, and the UAE.
Lorenzo Santos, senior product manager at MetaMask, said;
“Transak’s integration with Visa opens new horizons for MetaMask users globally and provides more flexibility in seamless cryptocurrency – fiat conversions.”
