Last Updated on October 7, 2022 by Bitfinsider

According to a report, Visa has teamed with FTX, one of the top cryptocurrency exchanges in the world, to introduce bitcoin and cryptocurrency debit cards. Users of FTX will be able to access the product in more than 40 nations, with a concentration on Latin America, Asia, and Europe.

Even in the midst of a bear market slump, Visa and its rivals in the market continue to believe that users of bitcoin and other cryptocurrencies still wish to utilize their holdings as a medium of exchange.

Visa CFO Vasant Prabhu said in the report: “Even though values have come down, there’s still steady interest in crypto.”

Users can spend the digital assets in their wallets without having to take them out of the exchange’s website thanks to the debit cards, which are already accessible in the US.

“We don’t have a position as a company on what the value of cryptocurrency should be, or whether it’s a good thing in the long run –– as long as people have things they want to buy, we want to facilitate it,” he added.

The chief competition of Visa, Mastercard, has also collaborated with a variety of businesses to provide debit cards backed by cryptocurrencies like bitcoin. According to reports, American Express has expressed interest in providing a comparable service, though the CEO said it probably won’t happen “anytime soon.”

FTX CEO Sam Bankman-Fried talked about Visa and other payment providers entering the ecosystem: “There’s a decision you have to make as a traditional payments company: do you want to lean into this or do you want to fight against it? I respect the fact that many of them are leaning into it.”