Payment giant Visa is launching crypto debit cards in more than 40 countries in partnership with crypto exchange FTX. “At Visa, we believe digital currencies will have a lasting impact on the future of financial services and the movement of money,” said one Visa executive.
Visa and FTX Launch Encrypted Debit Cards in Over 40 Countries
On Friday, Visa announced a “global long-term partnership” with West Realm Shires Services Inc. and FTX Trading Ltd. To offer crypto debit cards in over 40 countries. The two companies 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 early stages of startup,” the announcement details.
Debit cards are linked directly to the user’s FTX accounts. “It is now being rolled out globally in more than 40 additional countries, including many parts of Latin America,” the exchange, which is currently available in the United States, explained, adding:
The next phase of FTX-branded Visa debit card rollout is expected to begin 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 using crypto credits in their FTX wallets at 80 million merchant locations worldwide that accept Visa. The crypto company indicated that FTX Visa debit card holders will not be subject to any administration or processing fees for using the card.
Coy Sheffield, Head of Crypto at Visa commented:
At Visa, we believe 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 further expansion of the relationship between digital assets and the global financial ecosystem,” said Adam Jacobs, Head of Global Payments, FTX.
“Despite the declining values, there is still a 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 value 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 make it easier.”
What do you think about Visa’s partnership with FTX to launch crypto debit cards in more than 40 countries? Let us know in the comments section below.
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