Visa Teams Up with Transak to Enhance Crypto-to-Fiat Conversions

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Transak, a payments infrastructure provider for
crypto and NFTs, has partnered with Visa. This collaboration
aims to empower users globally, enabling them to convert their
cryptocurrency holdings into local fiat currencies.

Transak’s presence across 350+ leading Web3 wallets
and platforms ensures widespread accessibility for users worldwide. From
MetaMask to Coinbase Wallet, Transak’s integration aims to simplify the
conversion process, bringing crypto-to-fiat capabilities to the fingertips of
millions.

Sami Start, the Co-founder and CEO of Transak,
mentioned in a statement shared with Finance Magnates on Telegram: “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 to their local currency intuitively and in real-time. They no longer have to walk the treacherous path of compliance
uncertainty or face risks of fraud.”

Visa Direct’s hallmark feature is its ability to
process transactions swiftly, often within 30 minutes. This stands in stark
contrast to traditional banking methods, which can entail lengthy delays,
especially across borders. By integrating Visa Direct with Transak’s robust
infrastructure, users can access a seamless and efficient mechanism for
converting crypto assets into fiat, enhancing liquidity and accessibility.

Yanilsa Gonzalez-Ore, the Head of Visa Direct and
Global Ecosystem Readiness in North America, added: “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 130M merchant locations
where Visa is accepted.”

Strategic Acquisitions and Web3 Ventures

Recently, Visa partnered with Plug and Play to
enhance fintech innovation in Canada. With the fintech sector projected to grow
at an annual rate of 25% until 2029, Visa’s involvement aims to amplify this
growth trajectory. Through initiatives like the Fintech Fast Track Program,
Visa targets startups with the tools and resources to revolutionize payment
solutions.

Visa’s acquisition of Pismo, a cloud-based fintech
startup, underscores its commitment to expanding beyond traditional card
payments. The $1.2 billion deal lets Visa offer core banking and card
processing solutions, leveraging Pismo’s cloud-native APIs.

Furthermore, Visa’s foray into Web3 technologies
signals a proactive approach towards digital innovation. The launch of Visa
Web3 Loyalty Engagement, in collaboration with SmartMedia Technologies, bridges
the gap between Web 2 and Web 3 realms.

Participate in Our Fraud Survey: Your Opinion Matters!

We invite you to participate in our joint survey conducted
by FXStreet and Finance Magnates Group, which explores prevalent online
financial fraud types, platforms used for fraudulent activities, effectiveness
of countermeasures, and challenges faced by companies in tackling such fraud. Your
valuable insights will help inform future strategies and resource allocation in
combating financial fraud.

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Transak, a payments infrastructure provider for
crypto and NFTs, has partnered with Visa. This collaboration
aims to empower users globally, enabling them to convert their
cryptocurrency holdings into local fiat currencies.

Transak’s presence across 350+ leading Web3 wallets
and platforms ensures widespread accessibility for users worldwide. From
MetaMask to Coinbase Wallet, Transak’s integration aims to simplify the
conversion process, bringing crypto-to-fiat capabilities to the fingertips of
millions.

Sami Start, the Co-founder and CEO of Transak,
mentioned in a statement shared with Finance Magnates on Telegram: “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 to their local currency intuitively and in real-time. They no longer have to walk the treacherous path of compliance
uncertainty or face risks of fraud.”

Visa Direct’s hallmark feature is its ability to
process transactions swiftly, often within 30 minutes. This stands in stark
contrast to traditional banking methods, which can entail lengthy delays,
especially across borders. By integrating Visa Direct with Transak’s robust
infrastructure, users can access a seamless and efficient mechanism for
converting crypto assets into fiat, enhancing liquidity and accessibility.

Yanilsa Gonzalez-Ore, the Head of Visa Direct and
Global Ecosystem Readiness in North America, added: “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 130M merchant locations
where Visa is accepted.”

Strategic Acquisitions and Web3 Ventures

Recently, Visa partnered with Plug and Play to
enhance fintech innovation in Canada. With the fintech sector projected to grow
at an annual rate of 25% until 2029, Visa’s involvement aims to amplify this
growth trajectory. Through initiatives like the Fintech Fast Track Program,
Visa targets startups with the tools and resources to revolutionize payment
solutions.

Visa’s acquisition of Pismo, a cloud-based fintech
startup, underscores its commitment to expanding beyond traditional card
payments. The $1.2 billion deal lets Visa offer core banking and card
processing solutions, leveraging Pismo’s cloud-native APIs.

Furthermore, Visa’s foray into Web3 technologies
signals a proactive approach towards digital innovation. The launch of Visa
Web3 Loyalty Engagement, in collaboration with SmartMedia Technologies, bridges
the gap between Web 2 and Web 3 realms.

Participate in Our Fraud Survey: Your Opinion Matters!

We invite you to participate in our joint survey conducted
by FXStreet and Finance Magnates Group, which explores prevalent online
financial fraud types, platforms used for fraudulent activities, effectiveness
of countermeasures, and challenges faced by companies in tackling such fraud. Your
valuable insights will help inform future strategies and resource allocation in
combating financial fraud.

Social Media Scams: Help Shape the Fight with Your 2024 Survey Participation

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