Visa Partners With FTX to Roll out Crypto Debit Cards in 40 Countries – Visa announced a long-term global partnership with West Realm Shires Services Inc. and FTX Trading Ltd. on Friday to launch cryptocurrency debit cards in over 40 countries. The two companies are behind the cryptocurrency exchanges FTX US and FTX.com.
“As part of the alliance, FTX will begin by offering FTX-branded Visa debit cards to FTX customers globally — with an initial focus on countries in Latin America, Europe, and Asia,” according to the announcement.
The debit cards are directly linked to a user’s FTX accounts. These cards, which are currently available in the United States, are “now being rolled out globally in over 40 additional countries, including many across Latin America,” according to the exchange, 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.”
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The debit cards enable users to pay for goods and services with the crypto balance in their FTX wallets at 80 million Visa-accepting merchant locations worldwide. The crypto firm stated that FTX Visa debit cardholders will not be charged any administrative or processing fees for using the card. 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.”
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