Visa has partnered with Transak, a payments infrastructure provider, on what they call a “revolutionary” step to offer customers in 145 countries the ability to convert their cryptocurrency holdings into local currencies.
Citing a lack of options for people seeking to transfer their cryptocurrency to fiat, Transak said the partnership will allow 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 the crypto and non-fungible token (NFT) market.
The partnership will hugely expand on current crypto transfer offerings and allow people to quickly exit the crypto market, Transak said in a blog announcing the deal.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The news follows the Securities and Exchange Commission's (SEC) approval of rule changes last month that will allow spot bitcoin exchange-traded funds (ETFs) to begin trading in U.S. markets. Bitcoin is the world's largest cryptocurrency, 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 the Transak blog, will expedite access to funds in a “dramatic” way.
Yanilsa Gonzalez-Ore, North America head of Visa Direct and Global Ecosystem Readiness, said in the blog that, by enabling real-time card withdrawals through Visa Direct, "Transak is delivering a faster, simpler and more connected experience for its users — making it easier to convert crypto balances into fiat, which can be spent at the more than 130 million merchant locations where Visa is accepted."
Separately, Visa has taken a number of steps toward integrating more cryptocurrency options in recent years. These include programs to help creators navigate NFTs and programs for brands to create digital wallets where customers can store rewards.
The SEC's Office of Investor Education and Advocacy urges people to be cautious if considering crypto investments and provides a website to explore for more information.
RELATED CONTENT
-
5 Easy Weatherproofing Projects That Help Prevent Damage and Save on InsuranceProtect your home from storms and water damage with these simple weatherproofing upgrades — some may help reduce your home insurance premium.
-
If Trump Fires Jerome Powell, What Happens To Savings and Mortgage Rates?President Donald Trump expressed his desire to remove Fed Chair Jerome Powell. If the president is successful, how would it impact your savings accounts?
-
What Happens To Mortgage and Savings Rates If Trump Fires Jerome Powell?
President Donald Trump expressed his desire to remove Fed Chair Jerome Powell. If the president is successful, how would it impact your savings accounts?
-
What to Stock Up On (and What to Skip) Before Tariffs Raise PricesWith tariffs set to return on July 8, 2025, prices on everything from appliances to clothing could rise. Learn what to buy now, what to skip and how to protect your budget.
-
Why You Need a Trusted Contact for Your BrokerageYour brokerage or bank needs someone to reach out to if it's concerned you're experiencing fraud or cognitive decline. That's where a trusted contact can help.
-
Four Takeaways From Filing Your Taxes to Boost Your Financial FutureNow that another tax season is in the rearview mirror for most of us, what lessons can you take from what you learned about your finances to plan for the future?
-
What Claims Adjusters Are Thinking vs What They're SayingAfter a natural disaster, few of us are at our best, but here's what to keep in mind when you're interacting with your insurance company's claims adjuster.
-
Looking to Make a Job Change? How to Stand Out Like a ProTo make a strong first impression in interviews or when networking, skip your job title and work history and use an opening gambit that highlights your talents.
-
Stock Market Today: No 'Powell Put'? No ProblemInvestors, traders and speculators look beyond both another Trump post and more signs of slowing economic activity.
-
How to Store Your Financial Documents the Right WayHaving mountains of financial paperwork take over your home can be frustrating. Here's how to get the mess under control while still having your essential information at your fingertips.
