As traditional financial institutions continue to mingle with the cryptocurrency world, Visa is the latest to expand its offerings in the space, this time working alongside crypto exchange FTX for a “long-term global partnership.”
The agreement between the two companies consists of offering FTX-branded Visa debit cards to FTX customers globally with a focus on rolling the plastic out in Latin American, European and Asian countries. The same product is currently available to U.S. customers after being announced at the beginning of this year.
“Crypto is community-driven; we know we can’t deliver the best crypto experiences on our own,” Cuy Sheffield, vice president and head of crypto at Visa, said in an email to TechCrunch. “With this partnership, we’re bringing together FTX, one of the largest and most innovative crypto platforms, with Visa and our network of 80 million merchant locations.”
Unlike crypto-focused credit cards that typically provide rewards to users, this debit card will link directly to users’ accounts so people can pay for items and services with their crypto balance from their FTX wallets. Cardholders will not face any administrative or processing fees for using the card.
That there are over 65 crypto platforms and exchanges that have partnered to issue Visa credentials, Alfred Kelly Jr., chairman and CEO of Visa, said during a Q1 earnings call. Other Visa crypto debit cards on the market come from exchanges like Crypto.com and Binance.