- FTX has partnered with Visa to launch a crypto debit card in 40 countries around the world, many of which are in Latin America.
- This type of card allows users of the crypto exchange to use their funds in cryptocurrencies to pay for their daily purchases.
- It is unknown at the moment exactly which countries will have the service available, but in the animation that accompanies its announcement we can see which countries in South America and Mexico could be the beneficiaries.
The crypto exchange FTX has announced its partnership with Visa that aims to make it easier for all companies in the world to use their cryptocurrency holdings for everyday purchases.
This recent partnership will allow FTX to extend its Visa debit card offerings to more than 40 additional countries around the world, many of which are located in Latin America, according to FTX.
FTX crypto users in more than 40 countries will be able to use their cryptocurrency funds to pay for products or services at more than 80 million international retailers that accept Visa and What’s even better, FTX does not charge any administrative or processing fees to its users for the service.
“We are excited to partner with one of the world’s largest payment networks to give our users the ability to use their crypto to fund purchases at millions of merchants around the world.”, said FTX CEO Sam Bankman-Fried in a press release and added “This card allows users to use their crypto balances in FTX 24 hours a day, 365 days a year safely and without administrative or processing fees.“.
For those who don’t know, earlier this year FTX launched a Visa debit card but exclusively for the United States. This type of card allows users of the crypto exchange to use their funds in cryptocurrencies to pay for their daily purchases. In other words, it is as if it were a normal debit card issued by a traditional banking entity.
The recent association aims to extend this crypto exchange service to new countries. Nevertheless, It is currently unknown which countries will have the service available, but in the animation that accompanies its announcement we can see which countries in South America and Mexico could be the beneficiaries.
Spend crypto like fiat money
Cuy Sheffield, head of cryptocurrency at Visa, told Yahoo Finance that the company believes that “digital currencies will have a lasting impact on the future of financial services and the movement of money“.
According to Sheffieldthis type of association between FTX and Visa is essential for the crypto industry since, in addition to being a speculative and trading market, it also offers utility.
Volatile cryptocurrencies like Bitcoin may not be ideal for spending on everyday purchases, but stablecoins, which are pegged to the value of fiat currency, have the potential to benefit global trade.
Likewise, the financial director of Visa, Vasant Prabhu, explained to CNBC that, despite the crypto winter, “there is still a constant interest in cryptocurrencies”. However, in Visa there is no position as a company “sabout what the value of cryptocurrency should be, or if it’s a good thing in the long run; As long as people have things they want to buy, we want to make it easy”.
Adam Jacobs, Global Head of Payments at FTX, concluded the Press release ensuring that, “Through our partnership with Visa, we continue to see further expansion of the connection between digital assets and the global financial ecosystem.”.
It remains to wait for FTX to confirm which countries will be able to enjoy this new service.
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