Payment giant Visa, in partnership with cryptocurrency exchange FTX, has launched crypto debit cards in over 40 countries.” At Visa, we believe 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 partnership, FTX will begin by offering FTX branded Visa debit cards to FTX customers internationally – focusing on countries in Latin America, Europe and Asia in the initial phase of deployment,” the announcement details.
The debit cards are linked directly to a user’s FTX account. While these cards are currently available in the U.S., “they are now globally deployed in more than 40 countries, including many in Latin America,” the exchange explained, adding that.
The next phase of rollout for FTX-branded Visa debit cards will take place in Europe by the end of the year, with further regional rollout planned for 2023.
The debit card will allow users to pay for goods and services at 80 million merchants worldwide that accept Visa using crypto balances in their FTX wallets FTX Visa debit card holders will not be subject to administrative or processing fees for using their cards, the crypto company said.
Cuy Sheffield, head of Visa’s crypto division, comments:
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 further expand the connection between digital assets and the global financial ecosystem.” said Adam Jacobs, Global Head of Payments at FTX.
“Despite the decline in value, there is still a 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 is a good thing in the long run – as long as people have something they want to buy, we want to facilitate that.”
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