Visa and FTX Collababrates on the Belief that Shoppers Still Spend Crypto During Bearish Market

FTX and Visa are planning to launch crypto debit cards in more than 40 countries globally, including Latin America.

On 7 October 2022, FTX, a cryptocurrency exchange, announced that it upgraded its Visa debit card and offering it in more than 40 countries globally; no particular or specified country is announced, but the company said that many of them are situated in Latin America.

In H1 of 2022, the Visa card was launched in the United States by FTX, allowing users to directly tap into the available crypto funds in their accounts while shopping.

Currently, FTX is preparing a roadmap to launch this Visa card service globally with a long-term partnership with Visa.

FTX is also planning to make similar efforts in Europe and Asia. The European launch will likely happen at the end of 2022 with “additional region launches.”

The Visa Card is very similar to an Atm card of the traditional banking system, allowing users to spend their funds on 80 Million international retail stores that accept payment using Visa Cards. And the most attractive plus point of FTX is that they do not charge any administrative or transaction fee for making payments.

FTX offers trading and custody services of over one hundred cryptos, including Ethereum, Dogecoin, Solana, Tether, and Bitcoin.

Cuy Sheffield, head of the crypto at Visa, highlighted while talking to the media, “We believe that digital currencies will have a lasting impact on the future of financial services and money movement.” he added, “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.”

FTX is continuously expanding its foot in the crypto debit card sector because the users’ crowd is constantly increasing, and competitors of FTX, like Coinbase and Crypto.com, are active in the sector.

Sam Bankman-Fried, the founder of FTX, recently expressed that he plans to Bid for Celsius Network as FTX US grabbed Voyager Digital’s assets for $1.3 billion through an auction. The founder clarified that if his firm considered Celsius’s assets, they would follow the same procedure as Voyager Digital assets.

According to the report, $60 million will also be spent to award $50 to each user who successfully switches to FTX. Additionally, based on their holdings, Voyager users who move into FTX will receive a proportionate amount of Voyager’s virtual assets.

Earlier in August 2022, Strike, a crypto payment application, announced that it features an add-on feature of New Visa Cards.

Jack Maller, Chief Executive Officer of Strike, said the latest visa card is ready to pair with its crypto payment app. At the same time, Strike shared a post on Twitter about its Strike Card. It will be used anywhere and every day to earn rewards.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing