Business In News
- Payments giant Visa is teaming up with Global Crypto Exchange FTX to offer credit cards in 40 countries.
- These debit cars are already available in the US and link users directly with their FTX cryptocurrency account.
- With this move, users will be able to spend their crypto directly from their FTX exchange account.
Another real-life use case for crypto funds unravels as crypto giant exchange FTX inks a deal with global payments giant Visa to offer credit cards in 40 countries focusing on Latin America, Asia, and Europe. The cards, already available in the US will allow users from these continents to spend their crypto directly from the FTX exchange, according to CNBC.
“Even though values have come down, there’s still steady interest in crypto,” Visa CFO Vasant Prabhu told CNBC in an interview. According to the CFO, the company does not have a position on the value of cryptocurrency. “As long as people have things they want to buy, we want to facilitate it” – he said for CNBC.
FTX Sam-Bankman Fried Sees the Irony in This Partnership.
According to CNBC, FTX CEO Sam-Bankman Fried acknowledged that there is some irony in partnerships of crypto and banks. Bitcoin was initially designed to get around banks and intermediaries.
“It’s a technology that we absolutely see disrupting traditional payment networks,” FTX CEO Sam Bankman-Fried told CNBC.
“There’s a decision you have to make as a traditional payments company: do you want to lean into this, or do you want to fight against it? I respect the fact that many of them are leaning into it.”
Bankman Fried continued to say that enabling these card payments would be key to the growth of crypto from a speculative asset to a store of value.
This visa partnership will be a big opportunity for merchants to accept crypto without any hassle, as Visa and FTX will do all the hard work behind the scenes.