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Feb 14, 2024 510

"Visa Users Can Now Directly Withdraw Cryptocurrency in 145 Countries "

#Fintech

"Visa has partnered with Transak, a payments infrastructure provider, on what they call a “revolutionary” step to offer customers in 145 countries the ability to convert their cryptocurrency holdings into local currencies.

Visa and Transak have joined forces to introduce a groundbreaking solution, allowing customers across 145 countries to convert their cryptocurrency holdings into local currencies swiftly and easily. This partnership addresses the challenge of limited options for converting cryptocurrency to fiat, offering a seamless process that takes 30 minutes or less, enabling users to utilize their balances at Visa-accepting businesses.

The collaboration significantly enhances existing crypto transfer services, providing individuals with a quick exit strategy from the crypto market, as highlighted in Transak's announcement blog. This development coincides with the recent approval by the Securities and Exchange Commission (SEC) of rule changes permitting spot bitcoin exchange-traded funds (ETFs) to trade in U.S. markets, facilitating easier access to cryptocurrency exposure for mainstream investors.

The Transak and Visa partnership covers over 40 cryptocurrencies and promises to streamline fund access dramatically. Yanilsa Gonzalez-Ore, North America head of Visa Direct and Global Ecosystem Readiness, lauded the initiative in the blog, emphasizing the enhanced user experience and the convenience of converting crypto balances into fiat for spending at millions of Visa-accepting merchant locations worldwide. Visa's efforts to integrate more cryptocurrency options align with its commitment to innovation, including initiatives to support NFT creators and brands in developing digital wallets for customer rewards.