Crypto Firm Collaborates with Visa for Near Real-Time Crypto-to-Fiat Conversions

Crypto Firm Partners With Visa to Enable Near Real-Time Crypto-to-Fiat Off-Ramping

Summary:
Mercuryo has teamed up with Visa to offer quick and efficient conversions from cryptocurrencies to fiat money, enabling users to send funds directly to their Visa debit and credit cards.

Key Takeaways:

Mercuryo has partnered with Visa to provide near real-time crypto-to-fiat conversions directly to Visa debit and credit cards.
This integration reduces costs and speeds up settlement times, particularly for international transactions.
Users can convert and use their cryptocurrencies at over 150 million merchants worldwide that accept Visa.

This new collaboration allows users to transfer their funds directly to Visa debit and credit cards through Visa Direct, which is Visa's network for real-time money transfers. Eligible users of Mercuryo will be able to convert their crypto holdings into fiat money and have the funds available on their cards in just a few minutes, according to the companies involved.

Enhancing Crypto-to-Fiat Transactions with Visa Direct

The newly introduced service is tailored to streamline settlement times and minimize costs compared to traditional methods of conversion and payout, particularly for cross-border transactions.

The partnership enhances Mercuryo’s utilization of Visa Direct, which already facilitates real-time money transfers between brokerage accounts, crypto wallets, and digital banking solutions.

By leveraging Visa’s comprehensive payments infrastructure, Mercuryo aims to make crypto-to-fiat conversions easier without requiring users to switch from their familiar wallets, exchanges, or platforms. The partnership allows Visa Direct to connect with Mercuryo's network, which includes non-custodial wallets, exchanges, and payment service providers. This means millions of users can access quick off-ramping solutions through familiar interfaces.

Once converted to fiat, users can spend their funds at more than 150 million locations around the globe that accept Visa.

“This partnership with Visa will further enhance Mercuryo’s capability to deliver a fast, low-cost user experience,” stated Mercuryo co-founder and CEO Petr Kozyakov. He emphasized that this integration alleviates the historical challenges associated with transferring funds internationally or cashing out digital assets, allowing users faster access to their local currencies.

Anastasia Serikova, who leads Visa Direct in Europe, mentioned that this collaboration aims to create a link between cryptocurrency platforms and traditional finance. She highlighted that the service allows users to convert their digital assets into fiat currency almost instantly, thus enhancing convenience and reliability for everyday transactions.

Visa Expands its Crypto Strategy Amid Growing Stablecoin Settlements

The collaboration is part of Visa's broader strategy to delve deeper into the world of digital assets. In December, Visa introduced a Stablecoins Advisory Practice aimed at helping businesses find ways to integrate stablecoins into their operations.

Last July, Visa reported surpassing $200 million in total stablecoin settlement volume and is actively expanding its crypto infrastructure through partnerships across Africa and by developing new platforms.

However, CEO Ryan McInerney cautioned that clearer regulations are necessary for the full potential of cryptocurrency technology to be realized. Visa has also reported increasing volumes in stablecoin settlements, reaching an annualized rate of $3.5 billion.

Earlier, Visa partnered with the crypto infrastructure provider Aquanow to enhance the speed of stablecoin settlements and reduce reliance on traditional payment systems.