Visa, a global digital technology payment giant, is partnering with FTX, a top cryptocurrency trading platform, to roll out debit cards in 40 countries worldwide.
The partnership will allow users to spend their FTX crypto balances 24/7 with millions of merchants worldwide. The cryptocurrency held in the customer’s account will be automatically exchanged with the exact amount at the point of sale. Customers are assured that their assets will stay as crypto.
This convenience is made better by zero fees. FTX will not charge any administrative or processing fees.Funds are protected by industry-leading security standards giving customers peace of mind.
Who can get it?
Visa and FTX are international companies, but the initial rollout will only be available in Latin America, Europe, and Asia. It is currently not available for customers in the US.[i]
About FTX & Visaa
FTX, currently valued at $32 Billion is founded by Sam Bankman-Fried and Gary Wang in 2019. The company, which is headquartered in the Bahamas, has over 1 million users as of February 2022.
Visa, a world leader in digital payments, was founded in 1958 and is currently one of the world’s most valuable companies. Its total assets are valued at $82.9 billion (2021) and with a net income of $12.31 billion (2021).[
Evolving Financial and Payment Landscape
This is not the first crypto debit/credit card in the market. Major exchanges and Fintech companies like Binance, Crypto.com, and BlockFi are already offering such services. What is significant is that cryptocurrency is slowly being integrated into the way we do our payments.
FTX and Visa’s debit card project is a big boost to cryptocurrency adoption. The name VISA alone is enough to convince a lot of people that crypto is a legitimate industry.
A big part of the world’s population is still unbanked and efforts like this will give this segment options. This will give them electronic fund access, debit card, and digital payment.
In the past, society used to accept bartered goods, silver, and gold. Today our options are fiat, cards, online, and app payments. Maybe in the near future, we will be asked: “Will you settle with cash or crypto?”.
[i] https://www.prnewswire.com/news-releases/ftx-and-visa-expand-global-partnership-301643433.html?linkId=184662756
[ii] https://www.sec.gov/ix?doc=/Archives/edgar/data/1403161/000140316121000060/v-20210930.htm
