FTX joins hands with Visa to launch crypto debit cards in 40 countries by the end of 2022
|- The Visa-powered debit cards are being targeted at the Latin American, European and Asian markets.
- Visa now has over 70 crypto partnerships despite the ongoing bear market trend.
- Following the news of the debit card launch, FTX's token FTT shot up to mark an intra-day high of 8%.
Cryptocurrency adoption has reached many of the biggest mainstream organizations and TradFi companies, but the expansion does not seem to be coming to an end despite the present market conditions. Banking on this demand, Visa is making headway across the world, with the latest move reaching 40 countries.
FTX x Visa
The cryptocurrency exchange FTX announced its partnership with Visa, the world's second-largest global electronic fund transfer organization, to launch crypto debit cards. These cards will be rolled out with a particular focus on the Latin American, Europe and Asia markets.
Having already launched in the United States, the debit cards will enable users to facilitate crypto transactions without engaging in the currently existing hassles. The card will link to the user's FTX account where the crypto assets are held, enabling direct transactions, and eliminating the need to move their holdings off of the exchange.
FTX plans on launching these debit cards in Latin America at the earliest, where most of the 40 new countries are located. Following this, the focus will be on the European markets, which the cards will reach by the end of 2022 and a final rollout in the Asia market is set for 2023.
This partnership came forth during the bear market, which has been the downfall of many companies, such as Voyager and Celsius. Commenting on the same, Visa CFO Vasant Prabhu, in an interview with CNBC, 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."
On the back of the news, FTX's native token, FTT, noted a rise in its prices on Friday.
FTT makes a move
Soon after the news, the cryptocurrency shot up by 8.13% before coming back down to trade at $24.7 at the time of writing. FTT has been in the same boat as other assets, struggling to recover due to the broader market's bearish woes suppressing the buying pressure.
This is also why despite maintaining a bullish crossover, as evinced by the MACD, FTT has only risen by 5.15%. Since no major development is headed FTX's way anytime soon, FTT's price might continue moving sideways.
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