Visa, in collaboration with FTX, launches Bitcoin and Crypto Debit Cards in 40 countries.
Users of the FTX exchange in 40 countries can now use their bitcoin and other cryptocurrencies at any store that accepts Visa cards.
- In 40 countries, FTX is launching bitcoin and cryptocurrency-backed debit cards.
- The exchange, which is sponsored by Visa, will focus on Latin America, Asia, and Europe.
- Users in the U.S. can already use the service, and now the partnership will be made available to people all over the world.
A press release says that Visa has teamed up with FTX, one of the biggest cryptocurrency exchanges in the world, to launch bitcoin and cryptocurrency debit cards around the world.
“The debit cards, which are directly linked to a user’s FTX accounts, are currently available in the United States and are now being rolled out globally in over 40 additional countries, including many in Latin America,” p[er] The next phase of the rollout of FTX-branded Visa debit cards is expected to start in Europe before the end of the year. More launches are planned for 2023 in other parts of the world.
Visa, like its competitors in the market, believes that users of bitcoin and cryptocurrencies still want to use their holdings as a medium of exchange, even in the midst of a bear market.
According to the release, “Even though prices have fallen, there is still a steady interest in crypto,” said Visa CFO Vasant Prabhu.
The debit cards just connect to FTX’s platform, so users can spend the digital assets in their wallets without taking them off of the exchange’s platform.
“As a company, we don’t have a position 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 that,” Prabhu said.
MasterCard, Visa’s main competitor, has also partnered with a number of different companies to offer bitcoin and cryptocurrency-backed debit cards. American Express has reportedly expressed interest in launching a similar product, though its CEO has stated that it is unlikely to happen “anytime soon.”
In a CNBC report, FTX CEO Sam Bankman-Fried discussed Visa and other payment providers entering the ecosystem:
“As a traditional payments company, you have to decide whether you want to lean into this or fight against it.” I admire how many of them are getting involved. “