MetaMask users may now sell cryptocurrency straight to Visa cards, eliminating the need for centralised exchanges. Visa, the global payment behemoth, is doubling down on bitcoin acceptance by offering another way to trade cryptocurrency for fiat currencies without utilising a centralised exchange. Visa has teamed with Web3 infrastructure vendor Transak to enable cryptocurrency withdrawals and payments via the Visa Direct service, the companies said on January 30.
The new integration enables users to withdraw cryptocurrencies like BTC $42,970 directly from MetaMask wallets to Visa debit cards. The integration, which is available immediately, allows you to trade cryptocurrency for fiat and pay at 130 million merchant locations that accept Visa. “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,” Visa Direct’s North America Head Yanilsa Gonzalez-Ore said. Harshit Gangwar, Transak’s marketing director and investor relations lead, stated that the agreement greatly increases the number of choices for converting cryptocurrency into fiat currencies and marks a key milestone in linking the crypto and traditional banking worlds.
Users from 145 countries can now convert at least 40 cryptocurrencies directly to money without using centralised exchanges. Transak supports nations such as Cyprus, Malta, Singapore, Turkey, Portugal, and the UAE, as listed on their global coverage page. “This is a major step towards mainstream acceptance and utilisation of cryptocurrencies,” Gangwar said, emphasising the integration’s ability to make transactions more accessible and convenient.
According to Gangwar, the collaboration has major benefits for users of decentralised systems and wallets like as MetaMask, Ledger, Trust Wallet, and others. “MetaMask users can now effortlessly off-ramp directly from their wallet to the Visa card, which enhances the usability and practicality of their digital assets,” he said.
According to MetaMask’s senior product manager, Lorenzo Santos, the collaboration between Visa and Transak does provide a crucial functionality for MetaMask customers. He went on to say: “Transak’s integration with Visa opens new horizons for MetaMask users globally, providing more flexibility in smooth cryptocurrency to fiat conversions.” According to Transak’s Gangwar, the platform is involved in the integration since it has licences in numerous jurisdictions and assures that Know-Your-Customer and Anti-Money Laundering technology are in place.
This allows Transak to verify the user and legally allow such transactions, the executive explained. Visa, one of the world’s major payment corporations, has been actively studying bitcoin use cases in recent years. Visa took a huge foray into cryptocurrency in 2020, partnering with blockchain firm Circle to support the USDC $1.00 stablecoin on select Visa cards. Visa expanded its support for the stablecoin in September 2023 by adding support for USDC payments settled on the Solana blockchain.