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Visa announces a new update to its FTX partnership

Visa

TL;DR Breakdown

  • Visa halts partnership with FTX
  • The company plans to wind down FTX-branded cards
  • Payments firms establish a foothold in the crypto sector

Visa has announced an update to the company’s recent partnership with embattled crypto exchange FTX. According to a statement from the payments platform, all forms of partnership with the exchange have now been cut permanently. The partnership was the talk of the community with both parties touting a debit card system. However, this latest statement signals the end to all activities between both entities with the company confirming that it would stop making the branded cards for the company.

Visa plans to wind down FTX branded cards

According to a Visa executive, the situation was out of their hands but they will continue to monitor how things proceed. Although the company confirmed that the partnership has been dissolved, it did not comment further on other things. The FTX-branded Visa card was already issued to about 40 users across the US. According to an earlier announcement, the company was supposed to issue and roll out the cards in more than 30 countries across the world by the end of this year.

Payments companies are establishing in the footholds sector

An executive of the company noted that partnering with firms will enable the company to help users in the sector with seamless and reliable transactions. The cards were linked to a user’s account which enables them to swap crypto for cash at the point of payment. Visa has been working actively in the crypto scene over the last few years, tying up deals across the year. Last month, the firm registered its trademark in the crypto market, mulling a wallet and a product in the metaverse.

Meanwhile, Mastercard has also stepped up its presence in the crypto firm, releasing a crypto product for users through their banks. The initiative was launched as a result of a partnership with Paxos, paving the way for other crypto firms to join its initiative. The firm also announced the onboarding of seven new crypto firms on its new program. Other companies have also been active in the scene with Fireblocks launching an initiative that will help service providers secure their platforms.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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