What FTX-Visa partnership may mean for investors and FTT
FTX [FTT] managed to get away from the woes of the downturns in the cryptocurrency market as the exchange was in the news for its recent partnership. As of 7 October, FTX confirmed that it had partnered with the payment platform Visa.
According to the partnership details, Visa would provide debits across forty countries. This card would, in retrospect, allow users to make purchases with their crypto holdings.
<p lang=«en» dir=«ltr» xml:lang=«en»>Crypto meets convenience. Unlock the ability to use crypto to fund everyday purchases securely, 24 hours a day, 7 days a week, 365 days a year with the Visa + FTX debit card. Learn more about our expanded @FTX_Official partnership: https://t.co/cSluoc0bFk pic.twitter.com/74O5pQfnVn— VisaNews (@VisaNews) October 7, 2022
As has been the case, several investors have called cryptocurrencies speculative assets with no use. However, Cuy Sheffield, Visa’s head of crypto, mentioned that the partnership with the Sam Bankman-Fried-led company could change the narrative.
In an interview with Yahoo Finance, Sheffield mentioned that the collaboration was a big deal for the crypto ecosystem. Additionally, he noted that, with the partnership, crypto could move from being known as a trading asset alone to having a real-world use case.
When asked about the Visa intended to tackle the volatility associated with cryptocurrency, Sheffield said,
“Regardless of the price of any asset on any day, we are seeing continued interest from consumers, as well as from entrepreneurs and builders. More developers are coming into the crypto space and are going to build the future of payments. “
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