VISA has stepped up its commitment to cryptocurrency adoption by introducing an additional avenue for converting cryptocurrencies into fiat currencies, all without the reliance on centralized exchanges or third-party offramping services.

The fintech giant has partnered with Transak, a web3 infrastructure provider, to enable VISA clients to integrate cryptocurrency withdrawals and payments through the VISA Direct service. This service, facilitated by VISA's client financial institutions, streamlines funds transfers and eliminates the need for intermediaries. The service is available in over 30 African countries, NODO confirmed.

Transak highlighted the critical need for efficient offramping solutions in the cryptocurrency market, emphasizing that existing platforms often prioritize fiat-to-crypto conversions over the reverse. With this collaboration, users can now seamlessly withdraw cryptocurrencies, such as Ethereum, from wallets like MetaMask directly to a VISA debit card. These funds can then be used for transactions at over 130 million merchant locations worldwide where VISA is accepted.

Sami Start, Co-founder & CEO of Transak, underscored the significance of this partnership to provide millions of users with a straightforward method to convert digital assets into local currencies in real time. “We believe this partnership is an inflexion point for web3 as a whole. Now, millions across the globe have a straightforward way to cash out their digital asset holdings to their local currency in real-time and intuitively. They no longer have to walk the treacherous path of compliance uncertainty or face risks of fraud,” he said.

Transak specializes in API-driven crypto onboarding solutions, simplifying processes such as cash-to-crypto conversions on MetaMask through partnerships with local payment providers like Vodafone Cash in Egypt and Moonpay in Nigeria.

With this integration, users now have direct access to convert over 40 cryptocurrencies into fiat currencies without relying on centralized exchanges or other offramping solutions. This development significantly enhances the usability and accessibility of digital assets, especially as Transak's presence spans over 350+ leading web3 wallets.

Image source: Cryptoconomist