Visa Partners with FTX to Roll out Crypto Debit Cards in 40 Countries
Payments
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 money movement," said a Visa executive.
Visa and FTX to Launch Crypto Debit Cards in 40 Countries
Visa
announced on Friday "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
a part of the alliance, FTX will begin by 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.
The
debit cards are linked directly to the FTX accounts of the users. Currently
available in the U.S., these cards "are now being rolled out globally in
over 40 additional countries, including many across Latin America," the
exchange explained, adding:
"The
next phase of the rollout for the FTX-branded Visa debit cards is expected in
Europe before the end of the year, with additional regional launches planned
for 2023."
The
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, 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 money movement."
"Through
our partnership with Visa, we are continuing to see further expansion of the
connection between digital assets and the global financial ecosystem,"
said FTX’s Global Head of Payments, Adam Jacobs.
"Even
though values have come down, there’s still steady interest in crypto,"
Visa CFO Vasant Prabhu told CNBC on Friday. "We don’t have a position as a
company on what the value of cryptocurrency should be, or whether it’s a good
thing in the long run as long as people have things they want to buy, we want
to facilitate it."
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