MetaMask Users Gain Direct Crypto-to-Visa Card Selling Option, Bypassing Centralized Exchanges
Visa is intensifying its commitment to cryptocurrency integration, offering an additional avenue for exchanging crypto to fiat currencies without relying on centralized exchanges.
Teaming up with Web3 infrastructure provider Transak, Visa has introduced a novel solution through Visa Direct, facilitating cryptocurrency withdrawals and payments. This collaboration enables users to seamlessly withdraw cryptocurrencies, such as Bitcoin, directly from wallets like MetaMask to a Visa debit card. Effective immediately, this integration empowers users to convert crypto to fiat and transact at over 130 million merchant locations accepting Visa.
Yanilsa Gonzalez-Ore, Head of Visa Direct in North America, praised Transak for delivering an enhanced experience by enabling real-time card withdrawals through Visa Direct. This development streamlines the process, making it more efficient for users to convert crypto balances into fiat.
According to Harshit Gangwar, Head of Marketing and Investor Relations at Transak, this partnership marks a substantial expansion in the choices available for converting crypto to fiat currencies, representing a significant step toward bridging the gap between the crypto and traditional finance realms.
In a collaborative effort, users spanning 145 countries now have the capability to convert over 40 cryptocurrencies directly to fiat, circumventing the need for centralized exchanges. Among the supported countries are jurisdictions such as Cyprus, Malta, Singapore, Turkey, Portugal, and the United Arab Emirates, as detailed on Transak’s global coverage page.
Harshit Gangwar emphasized the partnership’s significance, viewing it as a pivotal stride toward the widespread acceptance and utilization of cryptocurrencies. The integration not only streamlines transactions but also enhances accessibility and convenience, offering a more user-friendly experience.
Gangwar underscored the considerable advantages this collaboration brings to users on decentralized platforms and wallets like MetaMask, Ledger, and Trust Wallet. Specifically, MetaMask users now enjoy a seamless off-ramp directly from their wallet to the Visa card, augmenting the usability and practicality of their digital assets.
Lorenzo Santos, the Senior Product Manager at MetaMask, affirmed that the partnership between Visa and Transak introduces a notable feature for MetaMask users. He commented:
“Transak’s integration with Visa opens new horizons for MetaMask users globally, providing more flexibility in smooth cryptocurrency to fiat conversions.“
According to Gangwar from Transak, the platform’s involvement in the integration is attributed to its possession of licenses across various jurisdictions and its commitment to implementing Know-Your-Customer and Anti-Money Laundering technologies. This ensures Transak’s capability to verify users and facilitate such transactions within legal frameworks, the executive emphasized.
As one of the global leaders in the payments industry, Visa has been actively delving into the applications of cryptocurrency in recent years. In 2020, Visa made a significant foray into the crypto space by collaborating with the blockchain firm Circle to integrate support for the USDC stablecoin on specific Visa cards. In September 2023, Visa extended its backing for USDC payments settled on the Solana blockchain, marking a continued expansion of its support for the stablecoin.
