Visa ends partnership with FTX over debit-card issuance

The payments giant Visa terminated its partnership with FTX after the bitcoin exchange filed for bankruptcy. According to Reuters.

The decision involves the termination of the January-announced debit-card launch for US residents.

It was expected that Visa FTX users would be able to pay worldwide using their exchange balances in digital currencies. The assets would be automatically converted into the necessary fiat amount at the moment of payment.

In October, the platform said the payment card would be rolled out in more than 40 countries in Latin America, Europe and Asia.

“The situation with FTX is regrettable. We are closely monitoring developments,” commented a company spokesperson.

Earlier, Visa had already approved launching a similar payment solution Binance, Bakkt, BlockFi, Blockchain.com, CryptoSpend, Ledger and bitcoinblack.

In December 2021, the company announced the creation of a new advisory division, which will help clients navigate cryptocurrencies.

Visa is also developing products aimed at stablecoins and CBDC.

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