Global collaboration: Do you pay with Bitcoin and Co. in the supermarket? Visa launches crypto debit card together with FTX | news

• Use digital assets for daily expenses
• Additional connection between cryptocurrencies and the global financial system
• More and more companies are relying on crypto despite the price drop

According to a press release from the two companies, Visa is launching the payment 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 launch later this year. Further regional launches worldwide will follow in 2023. A waiting list has been set up on FTX’s website where those interested can sign up.

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Visa wants to “bring more flexibility and ease of use to the way people spend their cryptocurrencies – with the ability to use a crypto balance to fund purchases anywhere Visa is accepted,” Cuy Sheffield, Head of Crypto at Visa, commented on the long-term partnership with FTX in the press release.

Pay for daily purchases with cryptocurrencies

FTX CEO Sam Bankman-Fried said: “We are pleased to partner with one of the largest payment networks in the world to allow our users to use their cryptocurrency to fund purchases at millions of merchants around the world.” The new payment card gives customers access to their crypto balance on FTX 24/7 and pays for free. 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 goal is to allow customers 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 following blockchain strategies

Despite falling 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 US and China (including Hong Kong).

“At Visa, we believe digital currencies will have a lasting impact on the future of financial services and money transactions,” Cuy Sheffield was 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 improve risk assessment in 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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