Visa, the leading global payment provider, has introduced a new method for converting cryptocurrency into fiat currencies, bypassing the need for centralized exchanges. This innovative feature enables users of MetaMask, a popular cryptocurrency wallet, to directly sell their digital assets to a Visa card. The partnership with Transak, a Web3 infrastructure provider, was announced on January 30th.

This seamless integration allows for instant conversion of Bitcoin and other cryptocurrencies into fiat currency, which can then be utilized at over 130 million merchant locations worldwide that accept Visa. Yanilsa Gonzalez-Ore, Visa Direct's North America Head, praised the initiative as a game-changer that streamlines and expedites the crypto-to-fiat conversion process.

This collaboration, accessible to users from 145 countries, significantly broadens the avenues for converting cryptocurrencies into traditional fiat. The service supports the conversion of at least 40 cryptocurrencies and covers jurisdictions such as Cyprus, Malta, Singapore, Turkey, Portugal, and the United Arab Emirates. According to Harshit Gangwar, Head of Marketing at Transak, this represents a substantial advancement in making mainstream transactions more accessible and convenient by incorporating digital assets.

Users of decentralized platforms and wallets like MetaMask, Ledger, and Trust Wallet will greatly benefit from this initiative. By enabling direct conversion from wallets to Visa cards, this partnership greatly enhances the utility of cryptocurrencies. Lorenzo Santos, senior product manager at MetaMask, emphasized that the integration unlocks a myriad of possibilities and flexibility for MetaMask users.

Visa's venture into the crypto realm stems from a vision to explore its potential use cases. The company previously collaborated with blockchain firm Circle in 2020 to facilitate USDC stablecoin transactions on select Visa cards. In a similar vein, Visa later started supporting USDC payments settled on the Solana blockchain in 2023 as part of its stablecoin expansion strategy. Gangwar from Transak disclosed that the platform will implement technology to verify users and adhere to established regulatory practices such as Anti-Money Laundering and Know-Your-Customer norms.