Visa Joins With FTX To Launch Crypto Debit Cards Across Latin America, Europe & Asia
Visa, the global payments giant has announced a partnership with international crypto exchange group FTX to launch crypto debit cards. This is a long-term global partnership in which FTX is offering its clients an FTX-branded VISA debit card. In the initial phase of this move, the firm is targeting to release these cards outside of the USA with a minimum of 40 countries primarily from the Latin American region, followed by European markets before the end of 2022. Additional launches focusing on Asian markets are expected to happen by 2023. While this service is now going live across major crypto hubs across the globe, it has been active in the USA for quite some time now.
This FTX-branded VISA debit card is a product exclusive to FTX users and will only be issued internally as these cards are directly linked to users’ FTX accounts. Holders of the FTX visa card can use them to make purchases/transactions at 80 million merchant locations which use VISA’s payment solutions worldwide. The users will be making payments directly from crypto assets held in their FTX wallets and the most important benefit to note is that the cardholders will not be charged administrative or processing fees for using these cards.
Speaking on the update, Sam Bankman-Fried, CEO of FTX said “We’re excited to partner with one of the world’s largest payment networks to give our users the ability to use their crypto to fund purchases at millions of merchants around the globe. 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”.
Commenting on the same note, 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. We’re excited to partner with leading crypto exchanges like FTX to bring more flexibility and ease-of-use to the way people use their crypto — unlocking the ability to use a crypto balance to fund purchases anywhere Visa is accepted”.