This partnership aims to integrate Visa Direct capabilities, improving Transak's global off-ramp service, with the primary objective being to facilitate the seamless conversion of cryptocurrency holdings into local fiat currencies for users across more than 145 countries.
According to the company press release, in the pursuit of widespread crypto adoption, the focus on facilitating efficient exits from the market has been somewhat overlooked. While platforms excel in optimising fiat-to-crypto conversions, the reverse process has often been less streamlined. As a result, some users find themselves in need of a secure, rapid, and compliant method to exit the crypto market, reflecting the dynamic nature of cryptocurrencies.
A notable feature of Visa Direct is its ability to process transactions in real-time, enabling transfers in approximately 30 minutes or less. This contrasts with traditional banking methods that may take days for similar transactions. By leveraging Transak's robust infrastructure, which supports more than 40 cryptocurrencies, this collaboration aims to redefine the experience for those seeking swift exits from the crypto market.
According to Transak, traditional banking systems, particularly for cross-border transactions, often involve slow and cumbersome processes. The collaboration between Transak and Visa Direct seeks to mitigate these delays, providing users with swift and secure access to their funds in local currencies.
Transak's presence on hundreds of Web3 wallets and platforms ensures widespread accessibility, reaching millions of users around the world according to the press release. The collaboration aims to simplify the process of crypto-to-fiat conversion while aligning with the existing user bases of platforms such as MetaMask, Trust Wallet, Coinbase Wallet, Ledger, Splinterlands, and Decentraland.
The partnership between Transak and Visa Direct also has the potential to support the mainstream acceptance of digital currencies. It addresses a longstanding bottleneck in the crypto world by providing a quick and efficient means to convert cryptocurrency holdings into local fiat currency.
The collaboration also represents a development in the crypto space, emphasising the importance of easy cryptocurrency-to-fiat conversions. Beyond convenience, it holds the potential to tackle obstacles such as complexity and uncertainty, contributing to the broader adoption of cryptocurrencies among the general public.
Transak is a Web3 onboarding infrastructure provider that offers API-driven solutions for onboarding users from more than 150 countries to crypto.
The company's on/off-ramp widget can be integrated into applications with just a few lines of code. Backed by venture capitalists such as Consensys and Animoca Brands, Transak is a product of the Tachyon accelerator programme.
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