Visa’s Head of Crypto, Cuy Sheffield said “We're excited to partner with leading crypto exchanges like FTX to bring more flexibility and ease-of-use to the way people use their crypto.”
Visa will roll out crypto-backed debit cards in 40 countries in collaboration with crypto exchange FTX.
Earlier this year, Visa released its crypto cards in the U.S.
Now, the multinational financial services provider aims to expand these offerings to Latin America, Europe, and Asia.
Visa’s crypto cards will be linked to users’ FTX accounts. They will be compatible with all merchants that support debit card payments. Moreover, the purchases made through these cards will be funded by holders’ FTX wallets.
In the words of Sam Bankman-Fried, Founder and CEO of FTX,
“We're excited to partner with one of the world's largest payment networks to give our users the ability to use their crypto to fund purchases at millions of merchants around the globe.”
Following this announcement, FTT, FTX's native token, saw an uptrend in its pricing. It is currently priced at $25.36, with a 97% increase in its 24-hour traded volume.
Sam Bankman added,
“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.”
According to FTX, the cards will be available in European countries by the end of 2022, with plans to release them in Asia by early 2023.
