Cooperating with FTX, Visa Launches Crypto Debit Cards in 40 Countries

Visa slides crypto debit card. (Photo; Doc. Yahoo Finance)

JAKARTA - Visa Inc. is a multinational financial services company based in California, United States. Recently, the company that has partnered with the leading US crypto exchange, FTX, has announced the launch of crypto debit cards in more than 40 countries.

Visa believes that digital currency has a bright future for the financial system in the future. “At Visa, we believe that digital currencies will have a lasting impact on the future of financial services and the movement of money", said a Visa executive, quoted by Bitcoin.com News.

Not only partnering with cryptocurrency exchange giant FTX, but Visa is also partnering with West Realm Shires Services Inc. to launch crypto debit cards in dozens of countries. Visa's partnership with the two companies is a "long-term global partnership."

"As part of the alliance, FTX will start by offering FTX-branded Visa debit cards to FTX customers internationally - with a focus on countries in Latin America, Europe, and Asia in the early stages of launch", the announcement details.

Later, the debit card is linked directly to the user's FTX account. Currently available in the US, these cards are “now being rolled out globally in over 40 additional countries, including most in Latin American countries", the exchange explains.

"The next phase of the rollout for the FTX-branded Visa debit card is expected in Europe before the end of the year, with additional regional rollouts planned for 2023", FTX said in a statement.

Debit cards allow users to pay for goods and services with crypto balances in their FTX wallets at 80 million merchant locations worldwide that accept Visa. FTX Visa debit card holders will not incur any administrative or processing fees for using the card, the crypto firm said.

“At Visa, we believe that digital currencies will have a lasting impact on the future of financial services and the movement of money", said Cuy Sheffield, head of the crypto at Visa.

“Through our partnership with Visa, we continue to see further expansion of the relationship between digital assets and the global financial ecosystem", said FTX's head of global payments, Adam Jacobs.

“Although the value has dropped, there is still steady interest in crypto", Visa CFO Vasant Prabhu told CNBC. “We don't have a position as a company about how much cryptocurrency should be worth, or whether it's a good thing in the long term – as long as people have the stuff they want to buy, we want to facilitate that."