Visa has been associated with Transaction a payments infrastructure provider, in what they call a “revolutionary” step to offer customers in 145 countries the ability to convert their cryptocurrency
Citing the lack of options for people looking to transfer their cryptocurrency to fiat, Transak said the partnership will enable a quick and easy process to convert balances, in 30 minutes or less, which can then be used at businesses where Visa cards are accepted. Transak serves cryptocurrencies and non-fungible token (NFT) market.
The partnership will greatly expand current cryptocurrency transfer offerings and allow people to quickly exit the cryptocurrency market. Transak said in a blog announcing the deal. .
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The news continues the Securities and Exchange Commission's (SEC) approval of rule changes last month that will allow spot bitcoin exchange-traded funds (ETFs) to begin operating in the US markets. Bitcoin is the largest cryptocurrency in the world, and the approval will help pave the way for mainstream investors to more easily access exposure to the cryptocurrency, as Kiplinger previously reported.
40 types of cryptocurrencies covered
The Transak and Visa partnership will cover more than 40 types of cryptocurrencies and, according to Transak's blog, will speed up access to funds in a "dramatic" way.
Yanilsa González-Ore, head of Visa Direct and Global Ecosystem Readiness for North America, said in the blog that by enabling real-time card withdrawals through Visa Direct, "Transak is providing a faster, simpler and more connected for its users, making it easier to convert crypto balances into fiat money, which can be spent at the more than 130 million merchant establishments where Visa is accepted."
Furthermore, Visa has taken a number of steps to integrate more cryptocurrency options in recent years. These include programs for Help creators navigate NFTs customers can store rewards
The SEC's Office of Investor Education and Advocacy urges people to use caution when considering cryptocurrency investments and provides a website to explore for more information .
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