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.
Citing a lack of options for people seeking to transfer their cryptocurrency to fiat, Transak said the partnership will allow a quick and easy process to convert balances, in 30 minutes or less, which can then be used at businesses where Visa cards are accepted. Transak serves the crypto and non-fungible token (NFT) market.
The partnership will hugely expand on current crypto transfer offerings and allow people to quickly exit the crypto market, Transak said in a blog announcing the deal.
The news follows the Securities and Exchange Commission's (SEC) approval of rule changes last month that will allow spot bitcoin exchange-traded funds (ETFs) to begin trading in U.S. markets. Bitcoin is the world's largest cryptocurrency, and the approval will help pave the way for mainstream investors to more easily access exposure to the cryptocurrency, as Kiplinger previously reported.
40 types of cryptocurrencies covered
The Transak and Visa partnership will cover more than 40 types of cryptocurrencies and, according to the Transak blog, will expedite access to funds in a “dramatic” way.
Yanilsa Gonzalez-Ore, North America head of Visa Direct and Global Ecosystem Readiness, said in the blog that, 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."
Separately, Visa has taken a number of steps toward integrating more cryptocurrency options in recent years. These include programs to help creators navigate NFTs and programs for brands to create digital wallets where customers can store rewards.
The SEC's Office of Investor Education and Advocacy urges people to be cautious if considering crypto investments and provides a website to explore for more information.
