A month after signing a partnership with FTX, the payment giant Visa is reversing its position by breaking its contract. The recent collapse of the group, formerly led by Sam Bankman-Fried, forces Visa to stop all collaboration with FTX.
End of bank cards between Visa and FTX
Last October, payments giant Visa announced a massive partnership with FTX.
However, a month later, the cryptocurrency juggernaut is only a distant memory: between blocked withdrawals, stolen funds and questionable management of its clients’ assets, brands are gradually disengaging from their agreements with FTX.
In this context, Visa follows the trend and ends its collaboration with FTX. The Visa spokesperson told Reuters in particular:
“The situation with FTX is unfortunate and we are monitoring its development closely. […] We have terminated our global agreements with FTX, and their US debit card program is being liquidated by their issuer. »
Originally, the deal was to expand the FTX card exchange to around 40 countries around the world, with a planned rollout in Europe before 2023. In 2022, partnerships between payment card issuers and Web3 companies have multiplied.
In 2022, partnerships between payment card issuers and Web3 companies have multiplied.
A few weeks ago, Visa filed several trademark applications relating in particular to an NFT marketplace and a cryptocurrency exchange.
For its part, its main competitor Mastercard is working with the Binance exchange to enable the use of the Binance crypto-card with more than 90 million merchants around the world.
For Visa, the fall of FTX remains difficult to digest: despite its agreement with Crypto.com, its competitor Mastercard remains one step ahead with Binance and its millions of customers.
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Source: Reuters
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Always enthusiastic about new technologies, I gradually moved closer to activities related to Web3 during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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