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Despite the current crypto market downturn, digital currency adoption worldwide continues to move forward globally as it is now becoming more accessible and convenient for people to use their cryptos such as Bitcoin (BTC) and Ether (ETH) as payment for goods and services.
For instance, FTX, one of the world’s largest crypto exchanges, has partnered with payments giant Visa to launch debit cards worldwide. According to Yahoo News, the card will allow customers to use their digital currencies such as Bitcoin and Ether to pay for everyday purchases.
The Visa debit cards will be linked to their owners’ FTX accounts to allow the option of using crypto when paying for goods and services. These cards can be used in any 80 million merchants affiliated with Visa’s network across 40 countries.
Payment giants have been recently making announcements related to crypto, which suggest that their efforts to move deeper into the space have not ceased despite the current crypto market downturn. “We believe that digital currencies will have a lasting impact on the future of financial services and money movement,” Cuy Sheffield, head of crypto at Visa told Yahoo Finance. He added that despite the currently depressed crypto prices, Visa views crypto has not changed.
FTX and Visa revealed that they plan to launch the crypto debit card in Europe by the end of the year. To sweeten the deal, the card offers zero processing and administrative fees. Aside from FTX, Visa also supports debit cards issued by other crypto exchanges such as Coinbase and Binance.
“We’re excited to partner with one of the world’s largest payment networks to give our users the ability to utilize their crypto to fund purchases at millions of merchants around the globe,” FTX founder and CEO Sam Bankman-Fried said. He added that his company’s partnership with Visa is only the start of a “long-term global” relationship.
