BAKU, Azerbaijan, January 31. Transak has announced a strategic partnership with Visa to introduce Visa Direct capabilities and expand its global off-ramp service, Trend reports.
According to Transak, the collaboration marks a significant milestone, allowing users in more than 145 countries to seamlessly convert their cryptocurrency assets into fiat currencies.
"In the push to accelerate and simplify cryptocurrency adoption, the ability to exit the market has taken a back seat. The majority of platforms and gateways are well-suited to converting fiat funds to cryptocurrencies, but the opposite is not true. Many customers require a quick, secure, and compliant way to exit the cryptocurrency market. For the majority of people, there is no bridge from bitcoin to fiat. As a result, they are forced to keep their funds in stable coinage or resort to other cash-out techniques that may fall into the gray area of local law," the company notes.
Head of Visa Direct and global ecosystem readiness in North America, Janilsa Gonzalez-Ore noted that by enabling real-time card withdrawals through Visa Direct, Transak provides its users with a faster, simpler, and more convenient experience by making it easier to convert cryptocurrency balances into fiat money that can be spent at the more than 130 million merchants that accept Visa.
For its part, Transak's co-founder and CEO emphasized that this partnership is a watershed moment for Web3 as a whole.
"Now millions of people around the world have an easy way to cash out their digital assets into local currency in real-time and at an intuitive level. They will no longer have to navigate the uncertainty of compliance or face the risk of fraud; Transak and Visa have taken care of them for more than 40 cryptocurrencies," he said.
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