According to a report from CNBC, the payments company Visa has partnered with FTX, the international cryptocurrency exchange to offer crypto “debit cards” in 40 nations, making it simpler for users to spend bitcoins.
FTX introduced their Visa debit card in the US early this year. They now wish to make these cards broadly accessible in order to increase their availability due to their long-standing collaboration with Visa and their wide huge array of associate retail.
The new cryptocurrency card allows users to make purchases without having to transfer their cryptocurrency out of an exchange, according to Visa CFO Vasant Prabhu’s interview on fone with CNBC.
Visa CFO also said:
“We don’t have a view as a firm on what the value of cryptocurrencies should be or whether they’re a good thing over the long term — as long as people have products they want to buy, we want to facilitate it.”
Additionally, Sam Bankman-Fried, CEO of FTX, asserts that there are several ironies in partnerships involving cryptocurrencies. Initially developed to bypass banks and other intermediaries, today’s customers are embracing them due to their rising popularity.
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FTX And Visa Together To Advance The Acceptance Of Cryptocurrency
Payment cards are essential, for enabling cryptocurrency to develop into more than just a speculative asset, according to Bankman-Fried. He said that because Visa and FTX converted currencies behind the scenes, accepting cryptocurrencies became a lot simpler for businesses without them having to build up their technological infrastructure.
The most alluring prospect for investors in digital assets, in the opinion of both CEOs, is found in emerging markets. According to Bankman-Fried, nations with inflation rates of above 83% and 78%, respectively, are Turkey and Argentina.
However, over 70 partnerships have been formed as part of Visa’s new campaign to bring cryptocurrencies closer to the mainstream. The deal has come to light as the cost of Bitcoin and other cryptocurrencies have dropped to about half of what they were at the beginning of the year. Visa is sure that despite this year’s declining pricing, consumers would continue to choose cryptocurrency purchases.
The investor’s FTX bitcoin account will be immediately linked by this card. Furthermore, the CNBC article emphasizes that their main focus will be on Latin America, Asia, and Europe.
Visa has collaborated with Binance and Coinbase, the two most well-known cryptocurrency exchanges. By partnering with Coinbase and Bakkt, its competitor, Mastercard company, has also embraced the trend of collaboration, said CNBC.