• Use digital assets for everyday expenses
• Further connection between cryptocurrencies and the global financial system
• More and more companies are relying on crypto despite the fall in prices
According to a press release from the two companies, Visa is launching the debit card together with the crypto exchange FTX in a total of 40 countries – initially in Latin America. In Europe, the FTX-branded Visa debit card is expected to be launched later this year. Further regional launches worldwide are to follow in 2023. A waiting list on which interested parties can register has been set up on the FTX homepage.
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Visa wants to “bring more flexibility and ease of use to the way people use their cryptocurrencies – with the ability to use a crypto balance to fund purchases anywhere Visa is accepted,” commented Cuy Sheffield, Head of Crypto at Visa, the long-term partnership with FTX in the press release.
Pay for everyday purchases with cryptocurrencies
FTX CEO Sam Bankman-Fried said: “We are excited to partner with one of the largest payment networks in the world to give our users the ability to use their cryptocurrency to fund purchases at millions of merchants around the world .” The new debit card enables customers to access their crypto balance on FTX 24/7 and pay free of charge. The FTX Visa debit cards will link directly to the FTX account and be accepted at the 80 million merchants worldwide that accept Visa payments.
The aim is to give customers the opportunity to use cryptocurrencies to pay for everyday purchases. This is how the connection between cryptocurrencies and the global financial system will be further expanded, Adam said JacobsGlobal Head of Payments at FTX.
More and more companies are pursuing blockchain strategies
Despite declining crypto prices, more and more companies are relying on digital assets and developing blockchain strategies. According to a study by Blockdata, 81 of the top 100 companies surveyed have already engaged in blockchain strategies, and more than half of these companies have active blockchain solutions. These companies are mainly based in the USA and China (including Hong Kong).
“At Visa, we believe that digital currencies will have a lasting impact on the future of financial services and money transactions,” Cuy Sheffield is quoted as saying in the press release. Competitor MasterCard also relies on digital assets: The company recently announced the launch of Crypto Secure, software that helps financial institutions to improve risk assessment on the crypto market. According to BÖRSE ONLINE, Changpeng Zhao, CEO of the crypto exchange Binance, is also currently planning further large investments thanks to good profits.
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