FTX, Visa Expand Global Partnership

West Realm Shires Services Inc. and FTX Trading Limited, the companies behind FTX US and FTX.COM respectively (collectively referred to as “FTX”), and Visa, which claims to be a world leader in digital payments, announced “a long-term global partnership.”

As a part of the alliance, FTX will “begin by offering FTX-branded Visa debit cards to FTX customers internationally—with a focus on countries in Latin America, Europe and Asia in the initial phases of the rollout.”

Sam Bankman-Fried, CEO of FTX, commented:

“We’re excited to partner with one of the world’s largest payment networks to give our users the ability to use their crypto to fund purchases at millions of merchants around the globe. This card allows users to make use of their FTX crypto balances 24 hours a day, 365 days a year securely and with no administrative or processing fees.”

The debit cards, which are linked directly to a user’s FTX accounts, are currently “available in the United States and are now being rolled out globally in over 40 additional countries, including many across Latin America.”

The next phase of the rollout for the FTX-branded Visa debit cards is “expected in Europe before the end of the year, with additional regional launches planned for 2023.”

Cuy Sheffield, Head of Crypto at Visa, remarked:

“At Visa, we believe that digital currencies will have a lasting impact on the future of financial services and money movement. We’re excited to partner with leading crypto exchanges like FTX to bring more flexibility and ease-of-use to the way people use their crypto—unlocking the ability to use a crypto balance to fund purchases anywhere Visa is accepted.”

FTX Visa debit cards will be “linked directly to the holder’s FTX account, allowing them to seamlessly convert and pay for goods and services with the crypto balance in their FTX wallets.”

The FTX Visa debit cards “allow users to easily make purchases at the 80 million merchant locations worldwide that accept Visa.” FTX Visa debit cardholders “will not be subject to any administrative or processing fees for using the card.”

Adam Jacobs, Global Head of Payments at FTX, said:

“Through our partnership with Visa, we are continuing to see further expansion of the connection between digital assets and the global financial ecosystem. With the FTX-linked Visa debit cards, individuals can now tap into their cryptocurrency holdings for everyday spending opportunities.”

As noted in the update, FTX Payments offers “a full suite of banking and payment services for both business and individual users.” FTX Payments also “offers the FTX Visa Card which gives cardholders the ability to seamlessly use their crypto 24 hours a day, 365 days a year to fund purchases at millions of merchants around the globe.”

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