On ramps and off ramps for crypto have been difficult for many people in recent years.
Withdrawing cryptocurrencies into fiat currencies (USD, GBP, Euro etc.) using centralised exchanges has also proven challenging due to many factors including regulation and banks blocking cryptocurrency transactions.
However, Visa has now partnered with a Web3 payment infrastructure provider that is registered in the U.S., UK, Poland, India and the UAE to allow people in 145 countries to move crypto straight to a Visa debit card.
Through wallets such as MetaMask, Trust Wallet, Ledger etc.
Mastercard may also follow suit soon.
Find out more in this video.
It has never been more important to educate yourself financially.
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Disclaimer:
The information contained in this video is for informational purposes only. Nothing shall be construed as financial advice. The content is solely the opinions of the speaker who is not a licensed financial advisor. The speaker does not guarantee any particular outcome.
#crypto
#centralized
#cryptoexchange
Withdrawing crypto into Fiat currencies such as the British pound dollar or Euro for example has proved challenging for a number of people across the world if they need to do this due to a lack of infrastructure increased regulation or simply Banks refusing to accept transactions from crypto and centralized
Exchanges however in some pretty big news that a lot of people haven’t quite picked up yet Visa which is already partnered with some crypto companies to offer crypto cards announced on the 30th of January 2024 that it’s now formed a partnership with the web 3 payment infrastructure provider called transac
That was set up in 2019 by CEO Sammy start who you can see pictured here that is according to its website an on-ramp and off-ramp integration with crypto wallets and platforms across 170 cryptocurrencies on more than 75 blockchains transact raised $20 million in 2023 to fund its Global expansion and
It is a registered company with finsen in the US and the FCA in the UK but it’s also registered in Poland India and the UAE so that covers quite a wide range so please do like this video And subscribe to the channel so I can continue to
Offer more content for you in future and let’s jump straight in and take a look exactly how this partnership between visa and transact can help crypto users move from crypto into Fiat this partnership will allow cryptocurrency withdrawals directly to a Visa debit card through the Visa direct solution available through over 800 apps apparently some of which you can see here so this would allow people to connect to a wallet like metamask trust wallet Ledger Etc withdraw their crypto
Directly to a Visa debit card and use this in the millions of locations where Visa is accepted globally and in 145 countries which will therefore allow an individual to avoid using a centralized exchange kyc would obviously be required and transac would take care of this side of things it states that this
Partnership currently offers support for more than 40 cryptocurrencies rather than the 170 that transact said it offers on its website but this is live now and you can check it out on wallets like metamask if you want to some people have highlighted possible security concerns and risks that users may
Experience as well as ever increasing centralization into the cryptocurrency industry but there are not many criticisms that I could find at this early stage other than that but this does give crypto investors another option to explore if trying to convert crypto into into fat currencies and is another example of Bridging the Gap
Between the traditional Financial system and cryptocurrency Industry allowing more mainstream use of cryptocurrencies and being another example of more acceptance of crypto with transact visa and wallets like metamask obviously putting out statements reaffirming these messages Visa has been actively looking to expand its integration and offering of cryptocurrencies as evidenced here
Through a post through Visa’s head of crypto back in April 2023 for example Visa partnered with circle back in 2020 and supported the usdc stablecoin on some crypto cards offering usdc payment support to salana in September 2023 and works with more than 70 crypto platforms according to its website including companies like crypto.com
Kucoin and bit Panda and inevitably it’s not just Visa that’s looking to partner with crypto wallets MasterCard is also exploring opportunities here as you can see here from October 2023 so don’t be surprised to see announcement from them in the coming months too because visa and MasterCard aren’t stupid and they
Don’t want to be left behind here so they are investing heavily in cryptocurrency infrastructure and offerings they’re also involved in trials for cbdcs for example in different countries like Hong Kong Brazil Australia and Kazakhstan with the head of crypto at Visa again saying that going forward we imagine a future where
Visa network of networks involves more than just multiple currencies and bank settlement rails but also multiple blockchain networks stable coins and Central Bank digital currencies or tokenized deposits and MasterCard has partnered with companies like uphold Gemini and bit pay for example example creating its multi- toen Network or MTN
In 2023 so that ends this video on the possibility of now withdrawing crypto directly to a Visa debit card but as always I’d love to know what you think in the comments below and if you are interested in more of a tailored approach to your general crypto education and you think you’d benefit
From having someone look over your shoulder and guide you on your journey I do offer onetoone coaching to those who have the desire and the means to educate themselves further and there are links in the description where you can send me a message and book in a free video call
To see if we’d be a good fit and if you found this content interesting please do like the video and subscribe to the channel as it really does help and have a great day
46 Comments
If Transak handles all the KYC and regulated in the U.S & UK, does that not make them a CEX … like your title suggests we're avoiding?
is this a BLOCKv (VEE) software upgrade or something??
or just use ultimo or metagenesis that dont report. easy
Then the bank knows your transaction and then the government ask you to pay tax no ill stick to exchanges
This is a way of kycing a self custodial wallet.
You would still have to pay capital gains tax upon spending though if you have made a gain ?
What is the limit, here, can I cashout 20k usdc per day???
That not the point of bitcoin…shut out visa, mastercard
You need to make an example. A step by step so people not familiar with Metamask, see how it works.
CBDC's are DEAD on arrival, they'd have to be handed out for free, I'll never work for any of it.
Thanks James!! 🎉🎉😊🚀🚀🌙🌙
Cash app let you do it last year 😆
Good video thanks straight talk
Good video thanks straight talk
Good video thanks straight talk
P2p is much safer..and cheaper ,visa wil definitely charge huge fees..govt wil charge u tax ..p2p is safe.
ha ha more squid coin disaster is coming
Not surprised, the Coinbase debt card is Visa. The big players are coming in slowly. I would like to use a credit card to buy crypto.
A new EU law will require proof of ownership for any crypto deposit/withdrawal of more than 999€
Where is the list of countries that will allow this?
Trezor?
Good to know as I have crypto holdings in my business, some of which I will hold (a la Microstrategy), and some I will sell in the future. I was able to on-ramp using Transak (from Lloyds Business Banking). So it's not been an issue for me. I'm based in the UK.
One question that immediately comes to mind, and I am certain, not only in my own mind, but pretty much anyone else who owns cryptos, is as follows: What are the tax implications? Can I get a card and pay it with crypto, and the hell with the taxman? That's the big question .
Is the USA included in the list of countries?
Ok, how? Is there a a link?
Is there a way to invest in it yet?
Can only imagine the bad sale price when you ‘withdraw’ your crypto to the card 😂
Nah.. it means too many fees Visa and MasterCard will rip us off! I haven't used any credit card neither debit card for years already but mobile banking and cash withdrawal at non-atm 24/7 open local counters we have here in Indonesia.
Appreciate you keeping us UK boys up to date – keep doing what you’re doing.
Walkthrough is necessary
Reddik is the best
and then they rip you off with 5% transaction fee….
Thank you for the content!! All we need is the right advice on how to invest in crypto and we will be set for life, I made over a million dollars from trading this year regardless of the market conditions😊
LOVED IT!
Nice to hear someone talking truth.
They're days are limited. They have to know it
You work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10k in a meme coin from just a few months ago and now they are multimillionaire.,.,.,.,.
We've been doing this?????we use spritz finance….its called an OFF RAMP
You can already do this sins 2014 bro
I checked trust wallet but cannot see this options..
Does it trigger a taxable event?
Personally, I would like to see us move away from fiat, which I think was Satoshi's vision in the first place- Peer to peer. So that's a NO THANKS from me.
Is Hedera (HBAR) supported?
As a newbie about to invest, you must have these three things in mind
1:Have a long term mindset.
2:Be willing to take risk.
3:Be careful on money usage, if you're not spending to earn back, then stop spending.
4:Never claim to know – Ask questions and it's best you work with a financial advisor.
As a revolut account holder, it sounds like I/they have been ahead of this curve. For BTC, I abandoned Binance about 8 months ago. The purchase/sale charges are still pretty steep with Revolut, but on balance better than including Binance in the food chain.
Is this Centracard nr2?
To which debit cards ? I'm sure I cannot withdraw to any card I actually have or how does it work ?
Not good.
Digital control is getting worse.
Use cash.