Transak, a Web3 payment platform, has announced a partnership with Visa Direct that aims to streamline cryptocurrency to fiat conversions.
The integration leverages Visa’s vast network of 145 countries to provide a more seamless experience for crypto asset holders. It allows users to convert and withdraw their cryptocurrency holdings directly into their bank accounts.
The growing interest in cryptocurrencies, but converting these assets into spendable cash remains a challenge for many.
However, global financial service providers’ adoption of cryptocurrencies has been expanding, easing access to crypto on and off ramps for even the non-crypto natives.
Last August, online payment platform PayPal launched its own stablecoin, the PayPal USD, which has since surged past US$300 million in market capitalization, according to CoinGecko data.
Earlier this month, the U.S. Securities and Exchange Commission approved 11 spot Bitcoin exchange-traded fund applications, allowing traders in the world’s largest economy to invest in the cryptocurrency without directly holding the asset in self-managed wallets.