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Visa partners with FTX to offer crypto debit cards in 40 countries

Visa partners with FTX to offer crypto debit cards in 40 countries
Visa partners with FTX to offer crypto debit cards in 40 countries

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Visa, a leading card payment provider, has announced a partnership with FTX, one of the largest exchanges in the US. Through this partnership, Visa will provide crypto debit cards across 40 countries.

Visa partners with FTX for crypto credit cards

The cards created through this partnership will be available in 40 countries. The cards will be available in Latin America, Europe, and Asia. The cards are currently available in the US and will be linked to the FTX accounts of users, making it easy for them to spend their crypto holdings.

One of the main selling points of the new card is that it will allow users to sell assets without going through the lengthy conversion process that usually involves high fees. Users can use their crypto assets without moving their assets from the exchange and will not pay any additional fees. Moreover, they will avoid waiting for their transactions to be processed.

The partnership between FTX and Visa comes unexpectedly, given that the global cryptocurrency market has tanked this year amid rising interest rates. However, Visa believes that despite the declining process, there is still high interest in crypto.

The Chief Financial Officer at Visa said that while some assets were declining in value, there was a general increased interest in crypto assets. The company’s partnership with FTX was part of a long-term plan.

The partnership between Visa and FTX was announced when Bitcoin’s price struggled to hold the $20K levels. Additionally, the global cryptocurrency market has difficulty keeping up with the $1 trillion market cap.

The CEO of FTX, Sam Bankman-Fried, has shown irony about the initial availability of the crypto debit cards. According to the crypto billionaire, Bitcoin and other cryptocurrencies were created as an alternative to banks and payment companies such as Visa.

The cards are already available for use in the US, with Bankman-Fried saying that crypto services were more needed in countries whose fiat currencies were dropping. However, he added that he was excited to see traditional finance companies embracing cryptocurrencies and blockchain technology instead of opposing the sector.

Visa’s efforts to support crypto

Over the past few months, Visa has made several announcements surrounding the firm’s interest in the crypto space. Visa has partnered with several other exchanges, including Binance and Coinbase. It has become one of the few companies that have partnered with all three of the largest exchanges in the crypto industry.

Vis has also shown interest in non-fungible tokens (NFTs). The company partnered with Bakkt to allow banks and merchants to provide services linked to the crypto sector.

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