The first cryptocurrency, Bitcoin, was founded 13 years ago, and in recent years the digital assets market has exploded into a full-fledged economy. Visa, a global payment leader, has partnered with the cryptocurrency exchange FTX to offer crypto services to its consumers in over 40 countries. Virtual currencies are here to stay, according to Visa, which has been in the financial services industry since 1958 and will eventually significantly affect the future of financial services globally.
As part of the agreement, FTX cryptocurrency exchange will provide company-branded Visa debit cards to all its clients worldwide.
Users can use the cards to pay for products and services in places that accept Visa cards and cryptocurrency using their balances maintained on FTX wallets.
Additionally, there will be no processing or administrative fees for these FTX Visa debit cardholders.
“Interest in cryptocurrencies remains strong despite declining prices. “As long as people have stuff they want to buy, we want to assist it,” Visa CFO Vasant Prabhu recently told the media. “We don’t have a view on the value of cryptocurrencies or if it’s a good thing in the long term.
These cards will first be distributed mainly in Europe and Asia. The following year will see more regional releases for these cards.
FTX and Visa have connected the virtual asset market to established international financial institutions using different methods.
Visa introduced a creative program earlier this year to aid artists working in the digital era in comprehending and using NFTs.
Visa further mentioned that during the first fiscal quarter of 2022, which concluded on December 31, its customers made $2.5 billion (approximately Rs. 18,685 crores) in payments using its crypto-linked cards. In context, the number represented more than 70% of all crypto-card transactions for the fiscal year of 2021, which concluded on September 30, 2021, indicating a rise in digital asset payments over those months.
On the other hand, FTX has been investing capital and forging partnerships to strengthen the crypto sector with the existing fintech setup.
According to a recent KPMG analysis, the FTX crypto exchange is the second-largest investor in cryptocurrency ventures. So far this year committed, more than $500 million (approximately Rs. 4,000 crore) to promising projects.