Visa partners with FTX to offer crypto-backed debit cards in 40 countries
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Amid the ongoing crypto bear market, VISA (NYSE: V) is taking a risk by betting that cryptocurrency investors will continue to utilize their holdings for day-to-day purchases despite the recent price declines.
Indeed, the world’s largest payments network is joining up with a global crypto exchange FTX to roll out debit card services in forty different nations, with a particular emphasis on Latin America, Asia, and Europe, as per a CNBC report on October 7.
The cards already available in the U.S. will provide instant access to a user’s FTX cryptocurrency investing account. According to Visa’s CFO, the move enables clients to spend digital currencies without transferring them off an exchange “like you would with any bank account.”
“Even though values have come down there’s still steady interest in crypto. 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,” said Visa CFO Vasant Prabhu.
This is Visa’s most recent move into the industry, bringing the company’s total number of crypto partnerships to over 70. The business, which has its headquarters in San Francisco, has previously collaborated with FTX’s rivals Coinbase and Binance.
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