Payment giant Visa (NYSE: V) has partnered with Web3 infrastructure provider Transak to bypass centralized exchanges and introduce cryptocurrency to fiat withdrawals directly from users' wallets.
Industry experts say the decision raises concerns about security, user experience and the potential impact on the decentralized nature of digital currencies.
What Happened: Users in 145 countries can now cash out over 40 cryptocurrencies and pay at 130 million merchant locations on Visa's network, Cointelegraph reported.
Visa's involvement in cryptocurrency began in 2020 with its partnership with blockchain firm Circle (CRYPTO: USDC) to support the USDC stablecoin on certain Visa cards.
In September, Visa expanded its crypto services by supporting USDC payments settled on the Solana (CRYPTO: SOL) blockchain.
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