The FTX cryptocurrency exchange continues to expand its grip and notoriety in the digital asset market. Indeed, this company multiplies its actions in order to broaden its coverage. His last act which demonstrates all his ambitions is his partnership agreement with Visa. A company that offers a secure payment solution through its bank cards.
FTX and Visa: a long-term partnership
Like several other cryptocurrency exchanges (Binance, Coinbase, eToro for example), FTX has just sealed a partnership with the payment giant Visa. The main objective of this agreement is to make available to the general public a debit card on the market by the company Visa.
Thus, just like the other crypto-currency bank cards cryptocurrency holders in 40 countries will be able to spend their digital asset holdings through this debit card.
With this debit card, they will now be able to make purchases from several million merchants who accept payment via the Visa card.
Also, they can convert cryptocurrency taken into account by the Visa card in local currencies.
The 40 countries that will benefit from this agreement between Visa and FTX are located in Europe, Asia and the American continent. What is certain is that FTX customers in these three geographies are most likely going to have a blast.
However, it should be noted that this partnership agreement comes in a context where the market is experiencing a sharp drop in the prices of electronic currencies.
For example, Bitcoin and Ether have seen declines of over 70% since the market broke. I entered bear market crypto in comparison with their record price reached in 2021.
Furthermore, according to FTX CEO Sam Bankman-Fried, partnerships between crypto exchanges and financial institutions can allow the virtual currency market to begin real development.
Also, these types of partnerships make it possible to change mentalities according to which digital currencies are currencies of simple reserves of value or speculative currencies.
In another context, the win-win partnership between these two giants can reverse the trend by facilitating the adoption and acceptance of cryptocurrencies in commercial exchanges.
Virtual Currency Companies and Payment Companies: A Continuing Love Affair
In recent years, Visa has embarked on a partnership with cryptocurrency exchanges. To date, this company has more than 70 partnerships with the most influential cryptocurrency platforms, including eToro, Coinbase, Binance and the latest FTX.
The objective of this approach is to allow customers of these platforms to spend their digital asset holdings around the world and with approximately 80 million merchants.
Visa is not the only company to accept this type of agreement with cryptocurrency exchanges.
Indeed, other giants are also very active in the market. For example, MasterCard offers a bank card to allow investors tobuy NFT directly on the Coinbase platform.