- FTX is launching crypto- and bitcoin-backed debit cards in 40 countries.
- The exchange partnered with Visa and will focus on Latin America, Asia and Europe.
- The offer is available to US users and now the partnership will be extended internationally.
Visa has partnered with one of the world’s leading cryptocurrency exchanges, FTX, to launch bitcoin and cryptocurrency debit cards internationally, according to a press release.
“The debit cards, which are linked directly to a user’s FTX accounts, are currently available in the United States and are now being rolled out globally in more than 40 additional countries, including many in Latin America,” p[erThenextphaseoftheprogramThenextphaseoftherolloutfortheFTX-brandedVisadebitcardsisexpectedinEuropebeforetheendoftheyearwithadditionalregionallaunchesplannedfor2023[erLasegüentfasedelprogramaS’esperaelllançamentdelestargetesdedèbitVisadelamarcaFTXaEuropaabansdefinalsd’anyiespreveuenllançamentsregionalsaddicionalsperal2023[erThenextphaseoftherolloutfortheFTX-brandedVisadebitcardsisexpectedinEuropebeforetheendoftheyearwithadditionalregionallaunchesplannedfor2023
Visa, along with its competitors in the market, continues to maintain that bitcoin and cryptocurrency users still want to use their holdings as a medium of exchange, even in the midst of a bear market downturn.
“While values have fallen, there is still continued interest in crypto,” said Visa chief financial officer Vasant Prabhu, according to the statement.
Debit cards simply connect to the FTX platform allowing users to spend the digital assets in their wallets without the need to remove the platform’s assets from the exchange.
“We don’t have a position as a company on what the value of cryptocurrency should be, or whether it’s a good thing in the long term; as long as people have things they want to buy, we want to make it easier.” Prabhu said.
Visa’s main competitor, Mastercard, has also partnered with several different companies to offer crypto-backed bitcoin and debit cards. American Express has also reportedly expressed interest in offering a similar product, though its CEO said it probably wouldn’t be “any time soon.”
FTX CEO Sam Bankman-Fried spoke about Visa and other payment providers entering the ecosystem in a CNBC report:
“There’s a decision you have to make as a traditional payments company: Do you want to lean on this or do you want to fight against this? I respect the fact that a lot of them lean into it.”