How Transak is Enabling Web3 Payments with Visa Direct
Web3 payments are becoming more accessible and convenient thanks to Transak, a startup that provides on- and off-ramps for crypto assets. Transak has recently joined Visa Direct, a program that allows third-party providers to connect to Visa's network and route payments directly onto Visa cards.
This means that Transak's users in over 145 countries can easily convert their crypto holdings into local currencies and spend them at more than 130 million merchant locations where Visa is accepted. The conversion process takes less than 30 minutes, which is much faster than the traditional methods of withdrawing crypto to fiat.
Transak's payment and onboarding services also handle the know-your-customer (KYC) requirements, risk monitoring and compliance on behalf of its clients, which include popular Web3 platforms such as MetaMask, Coinbase Wallet and Aave. The startup supports more than 40 major cryptocurrencies, including bitcoin (BTC), ether (ETH), solana (SOL) and dogecoin (DOGE), and offers 28 local payment methods such as SEPA, Faster Payments, VISA, AstroPay, Cash App, Apple Pay and Google Pay.
Transak was founded in 2019 by Sam Start and Yeshu Agarwal, who saw the need for a user-friendly and compliant way to onboard Web2 users into Web3. The startup raised $20 million in a Series A round in May 2023, led by CE Innovation Capital, to fund its global expansion and product development. Transak is registered as a crypto asset firm with the UK's Financial Conduct Authority (FCA) and is recognized as a virtual asset service provider (VASP) in Poland. The company plans to pursue additional licenses and establish presences in other regions with priority on the Middle East and the Asia-Pacific region.
By joining 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," Yanilsa Gonzalez-Ore, North America head of Visa Direct and Global Ecosystem Readiness, said in a statement.
Transak is one of the leading Web3 payments infrastructure providers that are bridging the gap between crypto and fiat, enabling more people to access the benefits of decentralized finance and digital assets.
Sources:
- https://finance.yahoo.com/news/web3-payments-firm-transak-joins-140000048.html
- https://www.coindesk.com/web3/2023/05/30/web3-payments-firm-transak-raises-20m/
- https://coinjournal.net/news/web3-payments-provider-transak-raises-20m-in-series-a-round/