The 3e position in the ranking of spot cryptocurrency exchanges that FTX currently occupies is far from satisfying Sam Bankman-Fried. Right now, this young crypto-billionaire is moving heaven and earth to get ahead of these two competitors, Coinbase and Binance. To do this, he and his team decided to partner with Visa to launch crypto debit cards internationally. About 40 countries will benefit from the amenities associated with this device.
FTX-Visa Alliance, crypto debit cards in 40 countries
On October 7, Decrypt announced that cryptocurrency exchange FTX will expand its Visa debit card offering to more than 40 additional countries around the world. While this contactless payment solution was already rolled out in the United States earlier this year, it will now be available to users in Latin America, Asia and Europe.
Identical to debit cards issued by traditional banks, FTX’s Visa card will allow users to spend their cryptocurrency holdings at more than 80 million international points of sale.
Also, no administrative fee billing has been provided for said crypto debit card from FTX.
A unanimous initiative
Adam Jacobs, Global Head of Payments at FTX, said:
” Through our partnership with Visa, we continue to see further expansion of the connection between digital assets and the global financial ecosystem. »
For his part, Cuy Sheffield, Head of Crypto at Visa, clarified that cryptoassets will indeed have an impact on the future of Finance.
” We believe digital currencies will have a lasting impact on the future of financial services and money movement. […] We are excited to partner with leading crypto exchanges like FTX for more flexibility and ease of use to how people use their crypto. »
Asked by TechCrunch, Mr. Sheffield highlighted the community issues of cryptocurrency. Here is his comment:
” Crypto is community driven; we know we cannot deliver the best crypto experiences on our own. […] Through this partnership, we bring together FTX, one of the largest and most innovative crypto platforms, with Visa and our network of 80 million merchants. »
However, at present, Visa is already working with 65 platforms and cryptocurrency exchanges to allow the use of debit cards directly linked to user accounts. In this way, they can easily pay for products and services with their crypto balance. This year alone, Visa has already been able to establish collaborations with Crypto.com, Satoshi Tango, Alterbank, Shiba Inu’s SHIB Burn, Bitcoinblack, and more.
Nevertheless, a question arises: will these initiatives by Visa, coupled with the desires of exchanges to issue crypto debit cards, impact the whole space? Yes of course. In effect, the more experienced people use these contactless payment devices on a daily basis, the more novices will hear about cryptocurrencies. Mass adoption seems very close.
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