Payments giant Visa is partnering with cryptocurrency exchange FTX to launch crypto debit cards in more than 40 countries. “At Visa, we believe that digital currencies will have a lasting impact on the future of financial services and money,” said a Visa executive.
Visa and FTX launch crypto debit cards in over 40 countries
Visa announced on Friday “a long-term global partnership” with West Realm Shires Services Inc. and FTX Trading Ltd. to launch crypto debit cards in more than 40 countries. The two companies are behind cryptocurrency exchanges FTX US and FTX.com, respectively.
“As part of the alliance, FTX will begin offering FTX-branded Visa debit cards to FTX customers internationally – with a focus on countries in Latin America, Europe and Asia in the early stages of rollout,” reads the announcement.
The debit cards are directly linked to a user’s FTX accounts. These cards, which are currently available in the US, “are now rolling out in over 40 other countries worldwide, including many across Latin America,” the exchange said, adding:
The next phase of the Visa FTX branded debit card launch is expected in Europe before the end of the year, with further regional launches planned for 2023.
The debit cards allow users to pay for goods and services using the crypto balance in their FTX wallets at 80 million Visa-accepting merchants worldwide. FTX Visa debit cardholders will not be charged any administration or processing fees for using the card, the crypto firm noted.
Visa Crypto Chief Cuy Sheffield commented:
At Visa, we believe that digital currencies will have a profound impact on the future of financial services and money transactions.
“Through our partnership with Visa, we see a further expansion of the connection between digital assets and the global financial ecosystem,” said Adam Jacobs, Global Head of Payments at FTX.
“Although values have fallen, there is still a steady interest in crypto,” Visa CFO Vasant Prabhu told CNBC on Friday. “We don’t have a position as a company on what cryptocurrency should be worth or whether it’s a good thing in the long run — as long as people have things they want to buy, we want to enable it.”
What do you think of Visa’s partnership with FTX to launch crypto debit cards in 40+ countries? Let us know in the comment section below.
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