Payments giant Visa is launching crypto debit cards in more than 40 countries in partnership with cryptocurrency exchange FTX. “At Visa, we believe that digital currencies will have a lasting impact on the future of financial services and money movement,” said a Visa executive.
Visa and FTX Launching Crypto Debit Cards in Over 40 Countries
Visa announced Friday “a long-term global partnership” with West Realm Shires Services Inc. and FTX Trading Ltd. to roll out crypto debit cards in more than 40 countries. The two companies are behind cryptocurrency exchanges FTX US and FTX.com, respectively.
“As a part of the alliance, FTX will begin by offering FTX-branded Visa debit cards to FTX customers internationally — with a focus on countries in Latin America, Europe, and Asia in the initial phases of the rollout,” the announcement details.
The debit cards are linked directly to a user’s FTX accounts. Currently available in the U.S., these cards “are now being rolled out globally in over 40 additional countries, including many across Latin America,” the exchange explained, adding:
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.
The debit cards allow users to pay for goods and services with the crypto balance in their FTX wallets at 80 million merchant locations worldwide that accept Visa. FTX Visa debit cardholders will not be subject to any administrative or processing fees for using the card, the crypto firm noted.
Cuy Sheffield, Visa’s head of Crypto, commented:
At Visa, we believe that digital currencies will have a lasting impact on the future of financial services and money movement.
“Through our partnership with Visa, we are continuing to see further expansion of the connection between digital assets and the global financial ecosystem,” said FTX’s global head of payments, Adam Jacobs.
“Even though values have come down there’s still steady interest in crypto,” Visa CFO Vasant Prabhu told CNBC Friday. “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.”