Quick take:
- Transak is joining Visa Direct to make it easier for users to convert cryptocurrencies into local currencies in 145 countries.
- Visa Direct is a global solution enabling users to move funds domestically and internationally in real-time.
- Third-party providers can connect to the Visa network, enabling them to route payments directly onto Visa cards.
Transak, the fiat on-ramp/crypto off-ramp service provider helping streamline crypto payments has joined Visa Direct. The collaboration allows Transak to expand its service offering across 145 countries.
The company offers compliance and know-your-customer (KYC) services to crypto wallet providers including Coinbase Wallet and MetaMask.
Visa Direct is a global money transfer solution that enables users to move funds domestically and internationally in real time. Third-party money transfer providers can connect to the Visa network, enabling them to route payments directly onto Visa cards.
Although many crypto trading services allow peer-to-peer exchange of crypto and fiat currencies, they continue to face regulatory hurdles, with some money market watchdogs accusing them of operating money-transmitting services without a licence.
Earlier this month, India blocked Binance, Kucoin, OKX and others and accused them of not complying with money laundering laws.
Transak allows users to directly convert their cryptocurrencies to local fiat currencies at a fee.
Commenting on the announcement, Yanilsa Gonzalez-Ore, North America head of Visa Direct and Global Ecosystem Readiness, said: “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 130 million merchant locations where Visa is accepted,” CoinDesk reported.
Transak currently supports over 40 currencies including leading cryptocurrencies Bitcoin, Ether, USDT, USDC and SOLamong others. It also supports multiple networks, including Ethereum, Polygon, Tron, Solana and Phantom, among others.
In May 2023, Transak raised $20 million in a Series A round led by CE Innovation Capital and with participation from SBI Ven Capital, Sygnum, Azimut, and Third Kind Venture Capital, among others.
Last October, the company helped India-based Okto wallet roll out its non-custodial wallet service in over 150 countries.
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