Payments giant Visa has partnered 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 the movement of money,” said the Visa executive.
Visa and FTX launch crypto debit cards in over 40 countries
Visa announced a “long-term global partnership” with West Realm Shires Services Inc. on Friday. and FTX Trading Ltd. Distributing 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 international FTX customers – with a focus on Latin America, Europe and Asia in the early stages of rollout,” the announcement details.
Debit cards are linked directly to user’s FTX accounts. The cards, currently available in the US, “are now being rolled out in more than 40 additional countries worldwide, including many in Latin America,” the exchange added:
The next round of FTX-branded Visa debit card launches is expected in Europe by the end of the year, with additional regional launches planned for 2023.
Debit cards allow users to pay for goods and services with crypto balances in FTX wallets at 80 million merchant locations worldwide that accept Visa. The crypto firm noted that FTX Visa debit card holders will not be subject to any administrative or processing fees for using the card.
Visa’s Head of Crypto Cuy Sheffield 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 the connection between digital assets and the global financial ecosystem expand even further,” said Adam Jacobs, head of global payments at FTX.
“Even though values are down, there is still continued interest in cryptocurrency,” Visa CFO Vasant Prabhu told CNBC on Friday. “We don’t have a position as a company on what cryptocurrency is worth or whether it’s a good thing in the long run – as long as it’s something people want to buy, we want to make it easy.”
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