Visa has partnered with popular cryptocurrency exchange FTX to provide debit cards to 40 countries. According to reports, the initiative will focus on countries across Latin America, Europe, and Asia. As revealed, holders of the debit cards would be able to spend their digital currency without moving it from their crypto exchange.
Further, it will allow them to spend their digital currency “like you would with any bank account.” These cards will be connected to the holder’s FTX cryptocurrency investing account. Currently, the debit cards are available for users in the United States of America. Meanwhile, Visa is beaming with confidence that crypto investors are willing to spend their holdings despite the current downturn in the crypto market.
Embracement of cryptocurrency services by payment merchants
Undoubtedly, Visa is gradually emerging as a force to reckon with in the cryptocurrency space. Lately, the firm has had somewhat of a close relationship with the cryptocurrency industry. The firm has engaged in more than 70 partnerships that are in connection with cryptocurrency and other digital assets.
In the past, Visa has collaborated with prominent firms like Binance and Coinbase in the industry. Thus, this move has set the pace for fellow rival Mastercard to follow the partnership trend. Similarly, Mastercard has as well collaborated with Coinbase for NFTs. At the same time, the firm has partnered with Bakkt to allow banks and retailers on its network to provide cryptocurrency services.
Reactions from top officials of Visa and FTX
However, during a press engagement, the CFO of Visa, Vasant Prabhu has reacted to the initiative. Prabhu reflected on the position of the firm with the project. The CFO stated that despite the current dip in the crypto space, that investors still have interest in cryptocurrency. Prabhu admitted that the payment giant doesn’t influence the price of digital assets. Nonetheless, the CFO maintained that Visa is willing to assist digital assets investors in facilitating payment whenever they have something to buy.
FTX CEO Sam Bankman-Fried conceded some twists in these collaborations. His submission emanated from banks and payment merchants sudden adoption of cryptocurrency. “It’s a technology that we absolutely see disrupting traditional payment networks. There’s a decision you have to make as a traditional payments company: do you want to lean into this or do you want to fight against it? I respect the fact that many of them are leaning into it,” Sam Bankman-Fried disclosed.