The popular payment giant Visa has signed a deal with FTX, a crypto exchange firm. The partnerships aim to enable crypto holders in over 40 Nations to use digital assets.
Visa To Launch Crypto Debit Cards In More Nations
As part of the deal, Visa will provide cryptocurrency debit cards in over 40 countries. The main focus will be countries across Asia, Latin America, and Europe.
These cards will connect to users’ FTX accounts. Hence, users must have an FTX account to enjoy the service. This integration allows users to use digital assets to pay for products and services.
However, Visa’s CFO, Vasant Prabhu, said crypto holders can only use this card at merchant stores that support Visa. Prabhu noted that the interest in digital assets has not dwindled despite the huge market decline.
Meanwhile, the recent crypto cards will make the spending of digital assets easier and less stressful. This collaboration comes after the recent declines in the entire crypto market.
Also, the latest news is among Visa’s many initiatives in the crypto sector. Before now, the payment behemoth has collaborated with other crypto giants like Coinbase and Binance.
The San Francisco-based firm has an estimate of over 70 cryptocurrency partnerships. Moreover, payment firms like Mastercard, Visa’s rival, have taken the same step.
Mastercard has collaborated with Coinbase to allow more users to buy NFTs seamlessly. Additionally, the payment organization also worked with Bakkt, another cryptocurrency platform. Mastercard partnered with Bakkt to help its merchants and banks integrate crypto into their activities.
Crypto Will Disrupt The Conventional Payment System – SBF
Meanwhile, Sam Bankman-Fried, known as SBF and the CEO of FTX, said crypto would disrupt the conventional payment system. He said payment giants are currently integrating digital currencies into their payment systems.
This integration is to ensure that users get the best services from them. Given how crypto usage has grown, it has become a huge competitive advantage.
However, the SBF said it is up to the payment companies whether to integrate or not. They can choose to fight it or adapt. Meanwhile, most payment giants have rolled out crypto debit cards in various countries.
Furthermore, SBF said crypto debit cards are a plus to the crypto sector. It could help promote the growth of the crypto sector.
In addition, it will help alter the narrative that cryptos are speculative assets. Consequently, merchants would also benefit from the new payment methods.
Their customer base would increase as the payment options increase. Moreover, these merchants do not have to set up any technology. Payment firms are already making such tools and systems available.
