Visa has partnered with cryptocurrency exchange FTX to launch crypto debit cards in more than 40 countries. Visa said digital currencies are emerging and will create an impact on the future of financial services and money movement.
Visa, a global crypto exchange, partners with FTX in Latin America, Asia, and Europe.
This latest venture is the payment giant's 70th crypto partnership.
The FTX account-linked Visa debit cards, already offered in the US, will soon be made accessible in dozens more nations, starting in Latin America and progressing to Europe and Asia.
The cards enable customers to convert and pay for products and services at the 80 million merchant locations globally that accept Visa using the cryptocurrency balance in their FTX wallets.
Sam Bankman-Fried, CEO of FTX said, "This card allows users to make use of their FTX crypto balances 24 hours a day, 365 days a year securely and with no administrative or processing fees."
Cuy Sheffield, head of crypto at Visa added, "At Visa, we believe that digital currencies will have a lasting impact on the future of financial services and money movement".
To introduce cryptocurrency debit cards in more than 40 nations, Visa made "a long-term worldwide cooperation" with West Realm Shires Services Inc. and FTX Trading Ltd. The two businesses, FTX US and FTX.com, respectively, are the owners of bitcoin exchanges.
As part of the agreement, FTX will be providing FTX-branded Visa debit cards to FTX clients globally — with an emphasis on nations in Latin America, Europe, and Asia in the early phases of the rollout.
The user's FTX accounts are directly connected to the debit cards. The exchange stated that these cards, which are currently offered in the United States, are now being rolled out internationally in over 40 more countries, including several across Latin America.
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 enable users to make purchases at 80 million merchant locations globally that accept Visa using the cryptocurrency balance in their FTX wallets. According to the cryptocurrency company, there are no processing or administrative costs for utilising FTX Visa debit cards.
At FTX, all funds are safeguarded by cutting-edge security measures, which provide customers with the peace of mind they need.
Adam Jacobs, global head of payments of FTX said, “Through our partnership with Visa, we are continuing to see further expansion of the connection between digital assets and the global financial ecosystem”.
“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,” he said.
In the first quarter of 2022, Visa handled crypto card transactions totalling $2.5 billion.