Payment giant Visa is launching crypto debit cards in more than 40 countries in partnership with cryptocurrency exchange FTX. “At Visa, we believe that digital currencies will have a lasting impact on the future of financial services and the movement of money,” 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 roll out 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 initial phases of the launch,” the announcement details.
Debit cards are linked directly to a user’s FTX accounts. Currently available in the US, these cards “are now rolling out globally in more than 40 additional countries, including many in Latin America,” the exchange explained, adding:
The next phase of the launch of FTX-branded Visa debit cards 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 in their FTX wallets at 80 million merchant locations worldwide that accept Visa. FTX Visa debit cardholders will not be subject to 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 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 continue to see a further expansion of the connection between digital assets and the global financial ecosystem,” said Adam Jacobs, Global Head of Payments at FTX.
“Even though values are down, there is still steady interest in cryptocurrencies,” 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 easy.”
What do you think of Visa partnering with FTX to launch crypto debit cards in over 40 countries? Let us know in the comments section.
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