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 fina...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
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 Launching 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 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 a user’s FTX accounts. 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 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.”
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.
Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
Coinbase Wins Federal Trust Charter, Launching National Trust Company
Key Takeaways: The OCC granted Coinbase final approval to form Coinbase National Trust Company. The federal charter confers on a u...
Standard Chartered Expands Prime Brokerage Partnership With 24X to Cover BTC and ETH
Institutional investors will be able to access Bitcoin and Ether trading through an expanded relationship between 24X and Standard...
Visa Adds Monad to Stablecoin Settlement Options as Institutions Seek More Rails
Visa’s growing list of blockchain settlement options reportedly has a new entrant: Monad. According to a November 10 report citing...
Will Su joins Coinbase and Chainlink leaders to discuss AI’s impact on digital transactions
AI-driven digital transactions could revolutionize finance, demanding robust data, compliance, and payment systems for seamless in...
EU Seeks Experts to Help Set Tokenisation Standards as Financial Markets Move Onchain
TL;DR: European authorities are inviting nominations for a new Tokenisation Standards Group, with applications due on November 27....
Monad Is Now a Settlement Option in Visa’s Stablecoin Program
Monad, a Layer 1 (base-layer) blockchain, is now one of the networks that banks and payment firms in Visa’s stablecoin settlement...