Cryptocurrency exchange FTX partners with Visa to provide backed debit cards in 40 countries

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Cryptocurrency exchange FTX partners with Visa to provide backed debit cards in 40 countries

One of the biggest exchanges in the world, FTX, has partnered with payments giant Visa Inc V to provide backed debit cards in 40 countries.

The FTX is partnering with the largest payments network in the world to roll out debit card services, with a focus on Latin America, Asia and Europe for the initial phase.

The cards are available in the U.S. and give users immediate access to their FTX investment accounts.

Even though the values have come down, there is still steady interest in cryptocurrencies. As long as people have things they want to buy, we want to facilitate it, according to Visa CFO Vasant Prabhu.

With its most recent entry into the market, Visa now has more than 70 agreements in the criptocurrency space.

The company, based in San Francisco, has collaborated with FTX's competitors, Coinbase Global Inc. In the past, there was a relationship between COIN and Binance.

Similar collaborations with Mastercard have been made by rivals like Mastercard, which has partnered with both Bakkt and Coinbase to allow financial institutions and merchants to offer services connected to cryptocurrencies.

Sam Bankman- Fried, CEO of FTX, said we're thrilled to partner with one of the world's largest payment networks to give our users the ability to fund purchases at millions of merchants around the world. This card allows users to use their FTX balances 24 hours a day, 365 days a year, with no administrative or processing fees. The next phase of the roll out for the FTX-branded Visa debit cards is expected to be in Europe by the end of the year, with additional regional launches planned for 2023, according to the company.

The token was at an all time high of $85.02 on September 9, 2021.