Payments giant Visa is launching crypto debit cards in over 40 countries in partnership with cryptocurrency exchange FTX. “At Visa, we believe digital currencies will have a lasting impact on the future of financial services and money movement,” said a Visa executive.
Visa and FTX launch crypto debit cards in over 40 countries
Visa on Friday announced “a long-term global partnership” with West Realm Shires Services Inc. and FTX Trading Ltd. to deploy crypto debit cards in over 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 initial phases of the rollout,” the announcement details.
Debit cards are directly linked to a user’s FTX accounts. Currently available in the United States, these cards “are now rolling out globally to over 40 additional countries, including many in Latin America,” the exchange explained, adding:
The next phase of FTX-branded Visa debit card rollout is expected in Europe before the end of the year, with additional regional launches planned for 2023.
Debit cards allow users to pay for goods and services with the crypto balance of their FTX wallets at 80 million outlets worldwide that accept Visa. FTX Visa debit cardholders will not incur any administrative or processing fees for using the card, the crypto firm noted.
Cuy Sheffield, head of crypto at Visa, commented:
At Visa, we believe digital currencies will have a lasting impact on the future of financial services and money movement.
“Through our partnership with Visa, we continue to see an expansion of the connection between digital assets and the global financial ecosystem,” said Adam Jacobs, global head of payments at FTX.
“Even though values have gone down, there is still continued interest in crypto,” Visa chief financial officer Vasant Prabhu told CNBC on Friday. “We don’t have a position as a company on what the value of cryptocurrency should be, or if it’s a good thing in the long run – as long as people have things they want to buy. , we want to make it easier.”
What do you think of the partnership between Visa and FTX to launch crypto debit cards in over 40 countries? Let us know in the comments section below.
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