Visa (NYSE:V) stock is on the move following news that the company and FTX are teaming up to bring debit cards tied to crypto accounts to a wealth of countries.
These debit cards connect back to FTX accounts to give holders immediate access to their crypto funds. With Visa’s support, the cards are functional at more than 80 million merchants around the world, including those in an additional 40 countries.
It’s worth noting these debit cards are already available to FTX users in the U.S. With this new expansion, many countries in Latin America will gain access to the crypto debit cards. There are also plans to expand into Europe by the end of 2022 and more regions in the coming year.
Users Won’t Face Processing Fees
Sam Bankman-Fried, CEO of FTX, provided crypto traders with this positive news in a statement:
“We’re excited to partner with one of the world’s largest payment networks to give our users the ability to use their crypto to fund purchases at millions of merchants around the globe. This card allows users to make use of their FTX crypto balances 24 hours a day, 365 days a year securely and with no administrative or processing fees.”
V stockholders don’t appear to be overly impressed with today’s deal, as the company’s shares are down 1% as of Friday morning. Trading volume is also lower than normal.
Investors seeking more recent stock market news will want to stick around!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.