Converting crypto to fiat currency might be about to get a whole lot faster. And Visa wants to lead the way.
What’s happening:
- Crypto payments infrastructure company Transak has partnered with Visa (NYSE: V) to accelerate the ability for individuals to convert crypto into fiat currency accessible through Visa debit cards
- Transak will leverage the Visa Direct banking platform in order to facilitate fast conversions of crypto into local fiat currencies
By the numbers:
- Converting crypto into fiat currency through Transak and Visa’s partnership will take less than 30 minutes to be deposited into an account linked to a individual's Visa debit card
- The new partnership will be available in 145 countries globally
- Transak and Visa will support the conversion of more than 40 different digital assets into fiat currency
- Transak currently has integrations across more than 350 digital wallet providers and crypto native games
Why it matters:
- The new partnership between Transak and Visa should deepen liquidity for digital assets and simplify the ability for individuals to turn crypto into fiat globally
- Because Visa has one of the world's largest network of merchants, having the ability to significantly reduce the time it takes to convert crypto into cash that can then be used for payments unlocks significant value for Visa users
Going deeper:
- Visa has been making a number of moves to expand their payments infrastructure including recently acquiring Pismo, an innovative cloud native banking platform that specializes in digital wallets and digital lending in Latin America and Europe
