Visa Ends Its Debit Card Pact With FTX

The original partnership to release crypto debit cards in 40 countries was reported on in October.

By Michael Bellusci, Parikshit Mishra

Nov 14, 2022 at 4:20 p.m. UTC

Updated Nov 14, 2022 at 4:38 p.m. UTC

CDCROP: Close up of VISA credit cards (Justin Sullivan/Getty Images) — (Justin Sullivan/Getty Images)

Michael Bellusci

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Follow @mikeybellusci on Twitter

Parikshit Mishra

Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.

Follow @parikshitm899 on Twitter

Payments company Visa (V) has elected to terminate global agreements with FTX after the crypto company’s sudden collapse.

“We have terminated our global agreements with FTX and their U.S. debit card program is being wound down by their issuer,” a Visa spokesperson told CoinDesk.

It was reported in October that Visa had partnered with FTX release crypto debit cards in 40 countries with a focus on Latin America, Europe and Asia, sending prices of FTX's crypto token FTT higher.

"The situation with FTX is unfortunate and we are monitoring developments closely. In all our undertakings – in digital currency and beyond – our focus on security and trust remains paramount," Visa added in its comment to CoinDesk.

Read more about

Visa Debit Cards FTX credit cards

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.