Visa has taken a “revolutionary” step by partnering with payments infrastructure provider Transak to offer money transfer services to customers in 145 countries. cryptocurrency Convert your holdings to your local currency.
Citing the lack of options for people looking to transfer cryptocurrencies to fiat, Transac said the partnership enables a quick and easy process to convert balances within 30 minutes, followed by He said you will be able to use your balance at businesses that accept Visa cards. Transak serves the cryptocurrency and non-fungible token (NFT) markets.
The partnership will significantly expand current crypto remittance services and allow people to exit the crypto market quickly, Transac said in a blog announcing the deal.
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The news comes after the Securities and Exchange Commission (SEC) approved rule changes last month that allow spot Bitcoin exchange-traded funds (ETFs) to begin trading in the U.S. market. As Kiplinger previously reported, Bitcoin is the world’s largest cryptocurrency, and this approval will help pave the way for mainstream investors to more easily access cryptocurrency exposure.
Covers 40 types of virtual currencies
The partnership between Transak and Visa covers more than 40 cryptocurrencies and will “dramatically” facilitate access to funds, according to Transak’s blog.
Yanilsa Gonzalez-Ore, North America head of Visa Direct and Global Ecosystem Readiness, said in a blog that by enabling real-time card withdrawals through Visa Direct, “Transak is making it faster, simpler, and more efficient. We are providing a more connected experience for our users, making it easier to convert your cryptocurrency balances to fiat and using them at over 130 million merchants that accept Visa.”
Separately, Visa has taken a number of steps in recent years to integrate more cryptocurrency options. These include the following programs: Helping creators navigate NFTs A program for brands to create digital wallets, Customers can store their rewards.
The SEC’s Office of Investor Education and Advocacy urges people to be cautious when considering investing in cryptocurrencies and provides a website to find more information.