Payment giant Visa is launching crypto debit cards in over 40 countries in partnership with crypto exchange FTX. “At Visa, we believe that digital currency will have a lasting impact on the future of financial services and money transfer,” said a Visa executive.
Visa and FTX Launch Crypto Debit Cards in Over 40 Countries
Visa announced Friday a “long-term global partnership” with West Realm Shires Services Inc. and FTX Trading Ltd. to deploy crypto debit cards in more than 40 countries. The two companies are behind crypto exchanges FTX US and FTX.com, respectively.
“As part of the alliance, FTX will begin by offering FTX-branded Visa debit cards to FTX customers around the world – with a focus on countries in Latin America, Europe and Asia in the coming period. early stages of implementation,” the announcement detailed.
The debit card is linked directly to the user’s FTX account. Currently available in the United States, these tokens are “currently being rolled out globally in over 40 other countries, including many across Latin America,” the exchange further explains:
The next phase of the rollout of the FTX-branded Visa debit card is expected to take place 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 merchant locations worldwide that accept Visa. The crypto company notes that FTX Visa debit cardholders will not incur any management or processing fees for using the card.
Cuy Sheffield, Visa’s head of Crypto, commented:
At Visa, we believe that digital currencies will have a lasting impact on the future of financial services and the movement of money.
“Through our partnership with Visa, we are continuing to see a further expansion of connectivity between digital assets and the global financial ecosystem,” said FTX Global Head of Payments, Adam Jacobs. said.
Visa Chief Financial Officer Vasant Prabhu told CNBC on Friday: “Despite the drop in value, there is still a steady interest in cryptocurrencies. “We have no idea as a company what the value of cryptocurrencies should be, or whether it is a good thing in the long run – as long as people have what they want to buy, we want to facilitate it.”
What do you think about Visa partnering with FTX to launch crypto debit cards in over 40 countries? Let us know in the comments section below.
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