Visa and FTX had been collaborating for some time on a project that was the pride of the crypto exchange. The collaboration had been expanded last month. It involved, among other things, the deployment of Visa debit cards from FTX. But now, payment giant Visa is stopping all collaboration with the crypto exchange.
No more debit card for FTX!
At the beginning of last month, FTX and Visa announced the expansion of their collaboration, presenting their new project. The latter consisted of rolling out Visa debit cards for FTX account holders in 40 new countries. In fact, these type of cards were already linked to FTX accounts in the United States. It allowed users to easily convert their crypto balances to make payments. When announcing their project, the two companies specified that it was a “long-term global partnership“.
That said, the Visa spokesperson has been interviewed by Reuters on Sunday. During the interview, he declared : “We have terminated our global agreements with FTX and their US debit card program is being liquidated by their issuer“. Visa therefore does not intend no longer offer debit cards for FTX.
The payment company found all the events that led to the failure of the exchange to be deplorable. She said: “The situation with FTX is unfortunate and we are monitoring its development closely.not “.
Payments giant Visa and crypto
Just like its Mastercard rival, Visa is very interested in the sector cryptocurrencies for some time. It was with this in mind that the traditional payment company had decided to collaborate with FTX. Visa considered the latter to be a leading exchange. At the time of the announcement of the collaboration, the head of cryptos at Visa made a statement to this effect.
Indeed, Cuy Sheffield had explained that by collaborating with “top crypto exchanges like FTXVisa would achieve its goal, which was:to bring more flexibility and usability to how people use their cryptos“.
Visa filed several trademark applications in October. It appears that through these brands, the company wants to create a wallet of cryptos as well as a product in the metaverse. While waiting to carry out these projects, it no longer intends to do business with FTX.
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