- FTX and Visa will provide debit cards in more than 40 countries.
- Instantaneously, the cards will link to a user’s FTX bitcoin investment account.
- BTC and other cryptos were first developed to bypass banks and intermediaries: Sam Bankman-Fried.
Visa is making the wager that even when the value of cryptocurrencies declines this year, investors will still want to use them to make purchases. With an emphasis on Latin America, Asia, and Europe, the payments industry behemoth is collaborating with global exchange FTX to sell debit cards in 40 nations.
The cards will instantly connect to a user’s FTX bitcoin investment account and are already accessible in the United States. According to Visa’s CFO, the update enables clients to spend digital currencies without transferring them away from an exchange.
The agreement takes place while the cost of bitcoin and other cryptocurrencies has fallen by 50% from their record highs in November. As of Friday morning, the price of bitcoin was close to $20,000, down 57% from January.
With this latest venture, Visa has now partnered with more than 70 cryptocurrency companies. The San Francisco-based business has previously partnered with FTX’s rivals Binance and Coinbase.
Rival In a similar trend, Mastercard has partnered with Coinbase on NFTs and Bakkt to enable banks and merchants in its network to provide services connected to cryptocurrencies.
According to American Express, utilizing its network and cards with stablecoins that are tethered to the price of a dollar is something the company is looking at. However, the CEO asserted earlier this year that customers should not expect anything similar to an Amex-crypto-linked card “anytime soon.”
Sam Bankman-Fried, CEO of FTX, acknowledged some irony in these alliances. Bitcoin and other cryptocurrencies were initially created to avoid banks and middlemen.
However, as cryptocurrencies gain popularity and support the growth of the payment industry, banks and payment providers are suddenly embracing the technology.
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