After FTX Bankruptcy, Visa Breaks Debit Card Tie-Up With Sam Bankman-Fried's Crypto Exchange

Visa Inc V has reportedly suspended its month-long partnership with the collapsed cryptocurrency exchange FTX FTT/USD.

What Happened: On Oct. 7, Visa and FTX partnered to offer FTX-branded Visa debit cards to customers internationally — with a focus on countries in Latin America, Europe and Asia in the initial phases of the rollout.

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However, only a month after, the partnership has come to an end, with FTX declaring bankruptcy, shaking the overall cryptocurrency market. "We have terminated our global agreements with FTX and their U.S. debit card program is being wound down by their issuer,” a Visa spokesperson told Reuters.

Price Action: FTT was trading at $1.32, down 26.29% in the last 24 hours, according to Benzinga Pro.

Benzinga has reached out to Visa for a comment on the story.

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