The crypto market is poised for an influx of investors, especially in the wake of the FTX collapse, with a shift towards ETFs and DeFi investments. Major companies are adapting to this trend, as seen with BlackRock’s ETF initiative, and now Visa has made a significant move in the cryptocurrency space.
Visa’s Strategic Move into Crypto
Visa, the global payment leader, is showing a keen interest in cryptocurrencies, recognizing the potential for new investors in the space. The company has addressed a major challenge in DeFi: the conversion of crypto to fiat currency, by announcing a solution-oriented partnership.
Visa has teamed up with Web3 infrastructure firm Transak to facilitate crypto transactions using Visa Direct. This collaboration will enable investors to convert and withdraw cryptocurrencies to fiat currency directly from their Metamask wallets.
The service is now live and allows users to exchange and spend crypto as fiat currency across 130 million Visa-accepting locations. Visa Direct North America President, Yanilsa Gonzalez-Ore, emphasized the speed and simplicity of the real-time card withdrawals enabled by this integration.
With this integration, over 40 cryptocurrencies can be converted and used as fiat without a central exchange. Transak supports various regions, including crypto-heavy markets like Turkey, Singapore, and the UAE. MetaMask’s senior product manager, Lorenzo Santos, highlighted the increased flexibility and ease of crypto-fiat conversions for users worldwide.