Visa Teams Up With FTX To Provide Crypto-Backed Debit Cards In 40 Countries

Amid a bear market, one of the biggest cryptocurrency exchanges in the world, FTX, has partnered with payments giant Visa Inc V to provide crypto-backed debit cards in 40 countries.

The largest payments network in the world is partnering with crypto exchange FTX to roll out debit card services with a focus on Latin America, Asia and Europe for the initial phase.

Already available in the U.S., the cards provide users immediate access to their FTX crypto investment accounts.

"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.

Visa’s Foray Into The Crypto Industry

With its most recent entry into the market, Visa now has more than 70 agreements in the cryptocurrency space.

The company, which is based in San Francisco, has worked with FTX's competitors Coinbase Global Inc. COIN and Binance in the past.

Similar collaborations have been made by rival Mastercard, which has partnered with both Bakkt and Coinbase to allow financial institutions and merchants in its network to offer services connected to cryptocurrencies.

No Administrative Fee, Says FTX CEO

“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," 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.”

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, according to the company.

Also Read: EU Tightens Noose Around Russia, Bans All Crypto Wallet Services

The FTX trading platform's native cryptocurrency, FTX Token FTX/USD, increased 7% in value following the announcement, peaking at $25.62. The token made an all-time high of $85.02 on Sept. 9, 2021.

Photo: Courtesy FTX