Visa, the world's leader in card payments announced a collaboration with FTX is a cryptocurrency exchange that will allow crypto-holders to pay in cryptocurrencies at million of merchant point of sales in 40 countries. With a focus on Latin America, Asia, and Europe, the exchange explained Visa believes that crypto investors would continue to spend their digital currencies during the down market to spend their bull run winnings.
FTX declared that:
“The next phase of the rollout for the FTX-branded Visa debit cards is expected in Europe before the end of the year, with additional regional launches planned for 2023.”
The Visa cryptopayment cards are already in the market at the United States. The move allows customers to spend digital currencies without moving them off an exchange, “like you would with any bank account,” as explained by Visa’s CFO.
As a reminder, the founder of FTX is Sam Bankman-Fried also known by his initials SBF, is an American entrepreneur, billionaire, and investor and his exchange has over one million users. His estimated net worth is of $10.5 billion.
The Visa collaboration makes it easier for merchants to accept cryptocurrency without the need to invest in proprietary infrastructure. Yet at Valuechain we are convinced that these crypto payment acceptance approaches are only transitionary before the point of sales are themselves modernised and become crypto enabled by design such as Lightning Network payments contact Valuechain for more information on this.
As cryptocurrencies become more prominent and help boost payment volumes, banks and payment businesses are suddenly embracing the technology globally. This news can be placed in sale context of Mastercard's recent announcement of its Crypto Secure solution for crypto payment service providers and banks. Visa itself have cumulated more than 70 crypto partnerships acting the drift of card payments into cryptopayments.