Visa Partners FTX to Roll Out Bitcoin Debit Cards
According to a report from Bitcoin.com, Visa and FTX have teamed up to introduce bitcoin debit cards in over 40 nations, including the US and certain Latin American, European, and Asian nations. Users will be able to pay for goods and services at businesses that accept Visa cards using FTX Cards, which will be connected to FTX coin accounts.
FTX will automatically convert the precise amount of cryptocurrency that you are being charged at the point of sale into the appropriate fiat currency at the moment of each transaction. Users of Bitcoin debit cards won’t be charged any administrative or processing fees, making this a desirable option for cryptocurrency owners. The app users will also have their funds protected by the platform’s industry-leading security standards, giving users peace of mind that their cryptocurrency is secure when transacting.
The advancement for Visa would put it on par with its rival, Mastercard, who have embarked on cryptocurrency ventures recently. In reference to the anticipated 2022 crypto bear market, chief financial officer Vasant Prabhu commented, “Even if values have decreased, there is still steady interest in crypto.” The head of crypto at Visa, Cuy Sheffield, asserted that “at Visa, we believe that digital currencies will have a lasting impact on the future of financial services and money transportation.”
The user’s FTX accounts are directly connected to the debit cards. The exchange stated that these cards, which are currently offered in the United States, “are now being rolled out globally in over 40 additional countries, including many across Latin America,” adding:
“The next phase of the rollout for the FTX-branded Visa debit cards is expected in Europe before the end of the year, with additional regional launches planned for 2023.”
FTX Global Head of Payments Adam Jacobs added that he was excited about how the Visa cards can make cryptocurrency more commonly used as a transactional payment method.
“Through our partnership with Visa, we are continuing to see further expansion of the connection between digital assets and the global financial ecosystem,” said Jacobs.
FTX-branded Visa debit cards are planned to roll out in Europe before the end of 2022, while additional regional launches are planned globally in 2023.