Visa, FTX Team Up to Launch Crypto Debit Card in 40 Countries

Following the announcement that Visa and FTX are working together to provide debit cards linked to cryptocurrency accounts in a number of nations, the price of Visa (NYSE:V) is rising.

To offer owners rapid access to their cryptocurrency assets, these debit cards link back to their FTX accounts. The cards may be used at more than 80 million businesses worldwide, including those in an extra 40 nations, with Visa's assistance.

It's important to note that FTX customers in the United States may already use these debit cards. Numerous Latin American nations will now have access to the crypto debit cards as a result of this new development. Additionally, there are plans to reach other areas in the next year and throughout Europe by the end of 2022.

Users won't be charged for processing

In a statement, Sam Bankman-Fried, CEO of FTX, gave cryptocurrency traders the following good news:

We're thrilled to join with one of the biggest payment networks in the world to provide our consumers the option of using their cryptocurrency to finance purchases at millions of merchants all around the world. With this card, customers may access their FTX cryptocurrency balances whenever they want, wherever in the world, without paying any processing or administrative costs.

The acquisition announced today doesn't seem to have really satisfied V investors, as the company's shares are down 1% as of Friday morning. Additionally, trading volume is below average.

Investors looking for more current stock market news should stay put!