- FTX-branded Visa debit cards will be discontinued.
- Users could utilize their cryptocurrency holdings to make purchases using debit cards.
It was revealed on Sunday that Visa will no longer work with the defunct cryptocurrency exchange FTX. FTX-branded Visa debit cards will be discontinued, which was extended only last month.
A Visa representative stated:
“The situation with FTX is unfortunate and we are monitoring developments closely. We have terminated our global agreements with FTX and their US debit card program is being wound down by their issuer.”
As part of a “long-term global partnership” launched between the two businesses in early October. The cards, which were already accessible to U.S.-based FTX account users, were to be made available in an additional 40 nations.
Flexibility and Ease of Use For People
Cuy Sheffield, Visa’s head of crypto, stated that the company’s collaboration with “leading crypto exchanges like FTX” would “bring more flexibility and ease-of-use to the way people use their crypto.”
Users could utilize their cryptocurrency holdings to make purchases using debit cards that were connected to their FTX accounts. Visa is one of several established financial services companies exploring opportunities in the cryptocurrency market. The company submitted additional trademark applications in October. Which hinted at plans to develop a cryptocurrency wallet and a metaverse product.
For FTX’s former CEO Sam Bankman-Fried, crypto debit cards have the potential to shake up established payment systems, as he explained at the time of partnership.
Furthermore, when FTX went down, it sent a tsunami of destruction across the cryptocurrency industry, which includes altcoins, cryptocurrency exchanges, and highly leveraged companies. One of the most renowned crypto blowups, FTX, filed for bankruptcy on Friday.
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