Global payment processor Visa has partnered with cryptocurrency exchange FTX to offer debit card services to customers in more than 40 countries.
The partnership will allow FTX customers to convert their cryptocurrency to fiat by simply linking their Visa card directly to their custody account. Visa and FTX complete the conversion process on the back end.
With inflation rates in countries such as Turkey and Argentina reaching 83% and 78% respectively, the company said it was looking to focus on emerging markets in Latin America, Asia and Europe.
FTX CEO Sam Bankman-Fried said the partnership will make it easier for merchants to accept cryptocurrencies and increase their utility beyond speculative asset classes.
On a light note, Bankman Freed told CNBC While it is true that cryptocurrencies are designed to disrupt traditional payment systems, it is interesting to see banks and payment companies adopting the technology.
Bankman-Fried added, “This is a technology that completely disrupts traditional payment networks.” “I respect the fact that many of them are into it.”
Vasant Prabhu, CFO of Visa, said that even though the cryptocurrency market has fallen by more than 50% in 2022, customers are still interested in cryptocurrencies, with more and more people holding stablecoins in their cryptocurrency accounts. said there is.
Payment major flocking to virtual currency
Today, Visa partners with over 70 cryptocurrency platforms, including Binance, enabling customers to use cryptocurrencies at 80 million merchants worldwide.
Payments giant Mastercard is also gaining ground in the cryptocurrency ecosystem. Partnered with Coinbase to allow users to purchase NFTs directly with his Mastercard debit and credit cards.
PayPal announced in early June that it had rolled out a payment gateway that allows US-based users to easily transfer, send and receive cryptocurrencies.
