Visa Terminates Global Debit Card Agreements With FTX FTX and Visa had announced an expanded partnership in early October, including plans to introduce account-linked Visa debit cards in 40 new countries with a focus on Latin America, Asia and Europe
By Teena Jose •
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Visa Inc, the world's largest payments processor, said on Sunday that it was severing its global credit card agreements with debt-ridden crypto exchange FTX.
"The situation with FTX is unfortunate and we are monitoring developments closely. We have terminated our global agreements with FTX and their US debit card program is being wound down by their issuer," a Visa spokesperson told Reuters.
As per reports, FTX and Visa had announced an expanded partnership in early October, including plans to introduce account-linked Visa debit cards in 40 new countries with a focus on Latin America, Asia and Europe. As per the partnership strategy, the cards, which are already available in the US, will link directly to a user's FTX cryptocurrency investing account. The move had envisioned that the customers were able to spend digital currencies without moving those off an exchange, just like with any other bank account. However, only a month after, the partnership came to an end, with FTX declaring bankruptcy.
It was Visa's latest foray into the space and adds to more than 70 crypto partnerships.
Visa CFO Vasant Prabhu had said on CNBC about the partnership last month, "Even though values have come down there's still steady interest in crypto. We don't have a position as a company on what the value of cryptocurrency should be, or whether it's a good thing in the long run -- as long as people have things they want to buy, we want to facilitate it."
