Virtual asset payment infrastructure provider Transak has announced its partnership with international payment giant Visa, stating that it will offer cryptocurrency-to-local fiat currency exchange services to users in 145 countries worldwide.
Visa’s “Web3 Loyalty Score” initiative was launched to help brands establish digital wallets for customers, with points that can be redeemed for rewards.
In addition, there are speculations that Circle’s stablecoin USDC could become the next-generation Visa-level global payment network.
Transak took to social media platform X (formerly Twitter) on Tuesday to announce its partnership with Visa, stating that it will provide cryptocurrency exchange services for users in 145 countries worldwide.
Transak revealed that users will be able to instantly transfer their virtual assets to Visa financial cards through Visa’s platform, Visa Direct.
Bitcoin.com reported that one key attribute of Visa Direct is its ability to process real-time transactions, enabling transfers to be completed within 30 minutes. This is a significant improvement compared to traditional bank transfers that typically take several days to succeed.
Yanilsa Gonzalez-Ore, the head of Visa Direct in North America, stated that Visa Direct currently supports over 40 major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE), and can be used in over 145 countries/regions.
Transak is a web3 infrastructure provider that offers an API-driven solution, allowing web3 platforms to provide users with access to over 130 different cryptocurrencies from more than 150 countries and regions. This helps address issues such as user KYC, risk management and compliance, and payment methods. Transak’s investors include Consensys and Animoca Brands, among other top venture capital firms.
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