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MetaMask and Trust Wallet users can now access fiat withdrawals from their wallets via Visa Direct, the instant transfer solution developed by Visa. Transak, a Web3 onboarding infrastructure provider, announced a partnership with the payments giant today, which will be available in 145 countries and over 350 Web3 services.
Visa Direct enables funds to be transferred in up to 30 minutes. Transak announced that more than 40 crypto assets will support the new crypto-to-fiat conversion. The goal is to streamline transactions within the Web3 ecosystem, offering users a seamless way to convert their digital assets to fiat currencies.
“We believe this partnership is an inflection point for Web3 as a whole. Now, millions across the globe have a straightforward way to cash out their digital asset holdings into their local currency in real-time and intuitively. They no longer have to walk the treacherous path of compliance uncertainty or face risks of fraud — Transak and Visa have them covered for over 40 cryptocurrencies,” says Sami Start, co-founder and CEO of Transak.
The partnership between Transak and Visa is the most recent move in a series of developments within the ‘crypto adoption in payments’ sector.
Shopify announced support for USDC payments through Solana Pay in August 2023. In December of the same year, Alchemy Pay gave its users access to Visa and Mastercard payment rails through a partnership with Worldpay. Even X (formerly Twitter) is speculated to add crypto options to its payment service, set to be launched this year.
This landscape may look like an arms race to address user demand as the crypto market grows. In a recent report, the crypto services provider Crypto.com highlighted that 580 million people already own crypto globally as of 2023. This is a 34% growth when compared to 2022.
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