Visa Pairs With FTX to Offer Crypto Debit Cards

FTT, the native token of crypto exchange FTX, surged 7% after a report that payment giant Visa (V) has partnered with the exchange to roll out crypto debit cards.
FTX Visa debit cards will be linked directly to the holder’s FTX account.

Visa is the latest to expand its offerings in the crypto space. The company has chosen to work alongside crypto exchange FTX for a “long-term global partnership.”

As part of the agreement, FTX will begin by offering FTX-branded Visa debit cards to FTX customers internationally focusing on countries in Latin America, Europe, and Asia in the initial phases of the rollout.

Unlike crypto-focused credit cards that typically provide rewards to users. FTX Visa debit cards will be linked directly to the holder’s FTX account, allowing them to seamlessly convert and pay for goods and services with the crypto balance in their FTX wallets. Over 80 million Cardholders will not face any administrative or processing fees for using the card.

The debit cards are currently available in the United States and are now being rolled out globally in over 40 additional countries. This card allows users to make use of their FTX crypto balances 24 hours a day, 365 days a year securely and with no administrative or processing fees.”

At visa, we believe that digital currencies will have a lasting impact on the future of financial service and money movement

Said Cuy Sheffield, Head of Crypto at Visa.

Crypto payments have been a slow burner since the inception of digital assets more than 10 years ago. Price volatility and a lack of desire to use scaling solutions like the Lightning Network has perturbed retailers, but accountancy firm Deloitte believes that is soon to change with a prediction that 75% of merchants will accept crypto within the next two years.

At press time, FTT was trading at $25.36 and expected to shoot over the weekend. According to Bankman fried, the partnership is essential to allow the expansion of the market beyond its current role as a speculative asset or, for some, a store of wealth. The cooperation makes it simpler for businesses to accept cryptocurrencies without using their own proprietary systems

Both Executive companies opine that the most significant potential is in emerging markets, which, because of factors such as currency instability and inflation, make it more desirable to have access to digital assets than it may be in the United States. Bankman-Fried pointed the finger at Turkey and Argentina, two countries with inflation rates that have surpassed 83% and 78%, respectively.