Visa, FTX to launch crypto debit cards in 40 countries
The crypto world is going through a lean phase at the moment, but Visa doesn't think that the lows are going to last. The payments giant has decided to join hands with crypto exchange FTX to offer debit cards in over 40 countries. The cards will link users to their FTX accounts. It is already available in the US.
Why does this story matter?
The digital assets sector has become a full-fledged industry since Bitcoin was created in 2009. In the last 13 years, more people have become interested in cryptocurrency. It seems that traditional payment companies are also embracing cryptocurrencies. Although the partnership between FTX and Visa is not new, its expansion to more countries is a welcoming development for an industry that has seen better days.
The debit cards will be directly linked to FTX account
The FTX-branded Visa debit card is a result of the partnership with Visa and West Realm Shires Service Inc. and FTX Trading Ltd. The latter two are behind cryptocurrency exchanges FTX US and FTX.com. The cards will be directly linked to an FTX account. Users will be able to use them to pay for goods and services with their FTX account balance.
What are the benefits of FTX Visa crypto debit cards?
The FTX debit card will be accepted by every merchant that accepts Visa cards. Users will be able to use their crypto balance in the FTX wallets at 80 million merchants worldwide. The most interesting part is that these cards will not be subjected to any administrative or processing fee. Users will be able to use the cards like with any account.
Card will be rolled out in Asia, Europe, Latin America
The FTX cards powered by Visa have been in operation in the US since the beginning of this year. Now, the card will be launched in over 40 countries. This time, the focus will be on Latin American, Europe, and Asia.
Visa believes that there is still steady interest in crypto
You might be wondering why a traditional payment company such as Visa would partner with a new-age crypto exchange at a time when the value of crypto has been on a downswing. Visa CFO Vasant Prabhu says, "even though values have come down there's still steady interest in crypto." "As long as people want to buy things, we want to facilitate it," he added.
'Either lean into it or fight against it'
FTX CEO Sam Bankman-Fried talked about the irony of the partnership, considering how cryptos came to the scene as a disruptive force. "There's a decision you have to make as a traditional payments company: do you want to lean into this or do you want to fight against it? I respect the fact that many of them are leaning into it," he said.
