Visa Ends its Debit Card Partnership With Insolvent FTX

Visa Ends its Debit Card Partnership With Insolvent FTX

Last month, the payment giant Visa announced a partnership with the FTX exchange to roll out debit cards in 40 countries globally, a recent collapse of FTX has spurred Visa to terminate its contract with FTX.

“The situation with FTX is unfortunate and we are monitoring developments closely,” a Visa spokesperson told Reuters. “We have terminated our global agreements with FTX and their US debit card program is being wound down by their issuer.”

Prior to the October announcement, the Visa debit cards have been available for FTX.US users, the October announcement is aimed towards making the cards available in 40 countries, the debit cards are linked to the accounts of FTX users which allows them to convert their crypto balances for spending.

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