Visa, the global payments giant, is collaborating with crypto-exchange FTX to offer new crypto cards in 40 countries, betting on cryptocurrency purchases despite the bear market.
Visa and FTX to offer crypto debit cards in Latin America, Asia and Europe
According to reports, it appears that Visa has partnered with FTX’s crypto-exchange to offer new crypto debit cards in 40 countries in Latin America, Asia, and Europe.
Despite the “long crypto winter,” a steady bear market that sees Bitcoin (BTC) today hovering around $20,000, it appears that the payments giant still wants to bet on cryptocurrency purchases.
In this regard, Vasant Prabhu, Visa’s chief financial officer, said:
“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.”
The new Visa crypto debit cards are already available in the United States and are linked directly to the user’s FTX cryptocurrency investment account.
As such, purchases can be made by spending the digital currencies without moving them from the exchange, just as one would with any bank account.
Visa and the new crypto cards: the words of Sam Bankman-Fried, the CEO of FTX
Sam Bankman-Fried, CEO of FTX, wanted to comment on the partnership with VISA by putting some irony into the nonsense that comes out of it. Here are his exact words:
“[Bitcoin and crypto] are a technology that we absolutely see disrupting traditional payment networks. There’s a decision you have to make as a traditional payments company: do you want to lean into this or do you want to fight against it? I respect the fact that many of them are leaning into it.”
And indeed, Blockchain supports peer-to-peer and decentralization, and being a technology chosen by centralized payments giant like Visa, it becomes a bit humorous.
Nonetheless, Sam Bankman-Fried is happy with Visa’s decision as the new crypto debit cards will help grow the market with the extension of general merchant acceptance of cryptocurrencies.
Especially in emerging markets, such as Turkey and Argentina, where inflation has reached 83% and 78% respectively, both Prabhu and Bankman-Fried agree that this can become a great opportunity as a viable alternative for payment circuits.
Mastercard: the tool against crypto fraud and the first NFT debit card
Just this week, Mastercard, Visa’s celebrated rival, also announced a new advanced tool to fight crypto frauds to help banks identify scam transactions.
It is Crypto Secure, a new system signed by Mastercard, which has the ability to visually assess the risk associated with a given transaction, through artificial intelligence and data on the chain, enabling card issuers to decide on the necessary actions.
Another new addition to Mastercard is also the first NFT debit card launched last month. This is the product of the payments giant’s collaboration with Hi, the innovative financial platform of both crypto and fiat.
Basically, eligible cardholders will be able to personalize the face of their card with a verified NFT avatar they own, and spend at more than 90 million locations worldwide.
Not only that, there are also other benefits for owners of this Mastercard NFT card, such as up to 10% cashback or the ability to choose from a hundred digital subscriptions.