Visa has ended its collaboration with the defunct cryptocurrency exchange FTX, the payments giant said on Sunday. The termination of the much-touted relationship, extended last month, means the end of FTX-branded Visa debit cards, which will be phased away, according to the business.
NEW: Visa ends global card partnership with FTX.
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) November 14, 2022
The cards were previously accessible to FTX account members in the United States. They were slated to be pushed out to 40 more countries as part of the two firms’ “long-term global cooperation,” announced in early October.
Cuy Sheffield, Visa’s director of crypto at the time, said that the payments provider would “bring greater flexibility and ease-of-use to the way individuals utilize their crypto” by collaborating with “leading crypto exchanges like FTX.”
Debit cards were connected directly to the owner’s FTX account, enabling users to utilize their cryptocurrency balances to pay for products and services.
Visa and Mastercard are interested in the Crypto Market
Visa is one of the numerous conventional payment companies attempting to establish a presence in the crypto realm. It submitted new trademark applications in October, indicating that it was considering a metaverse product and cryptocurrency wallet.
Meanwhile, competitor Mastercard hired trading platform Paxos last month to assist it in providing a service that intends to make it simpler for banks and other institutions to provide crypto trading.
Several crypto firms are also part of the company’s fintech startup program.
Attempts to integrate the two sectors have also emerged from the crypto industry, with Fireblocks, a digital assets security platform, announcing last month the creation of a system to aid payment service providers (PSPs) in handling crypto transactions.