Despite this year's falling prices for cryptocurrencies, credit card payment unstoppable VISA is confident that investors are still willing to spend their digital assets. Debit cards will be available in 40 countries spanning Europe, Latin America, and Asia thanks to a partnership between VISA and the well-known cryptocurrency exchange FTX. Each cardholder's FTX trading account is connected directly to the card.
The cooperation, according to Vasant Prabhu, CFO of VISA, will allow customers to perform transactions using cryptocurrency without having to swap their cryptos for fiat currency or remove funds from a cryptocurrency exchanges system. Prabhu added that despite the fall in price, there is still a significant interest in cryptocurrencies.
VISA has a new agreement with FTX that is another one of its many crypto partnerships. The greatest rivals of FTX, Binance and Coinbase, are partners with the Credit Card company. MasterCard, a leader in the credit card industry, has also engaged in a number of contractual arrangements involving cryptocurrencies.
MasterCard has major cryptocurrency alliances with Coinbase and Bakkt. Although the latter enables banks and small company owners in the Bakkt network to offer blockchain operations, the former is intended to simplify NFT payment processes. American Express, a different credit card company, announced that it is working on a method of connecting its cards and network with stablecoins.
The majority of altcoins are investment digital currencies. They are, however, occasionally tied to other fiat currencies, like the Euro. However, Stephen Squeri, CEO of American Express, said in an interview earlier this year that the company's clients shouldn't anticipate AmEx crypto cards "early as possible." Sam Bankman-Fried, CEO of FTX, said he appreciates the fact that many traditional banking companies are embracing blockchain technology rather than combating it in a recent telephone conversation.
In addition to serving as a store of wealth or a speculative asset, he continued, the adoption of cryptocurrencies by banks and payment companies would support their global expansion. Without the need for technology platform, businesses may now accept payment transactions thanks to the VISA-FTX agreement.
Prabhu and Bankman-Fried acknowledged that developing markets offer tremendous prospects, with virtual currencies being more alluring than normal because of rising prices and currency uncertainty.
In countries with limited methods of payment and high desire for improved methods of payment, such as Turkey and Argentina, Bankman-Fried claims that this collaboration and others like it are more important outside of the United States. According to numerous statistics, the current inflation rates in Argentina and Turkey are 78% and 83%, respectively.
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