Visa terminates partnership with FTX crypto exchange

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One of the largest international payment systems terminated a long-term agreement with the bankrupt FTX - the companies were supposed to jointly issue debit cards in 40 countries.

Visa has announced that all unannounced joint ventures between the companies will also beVisa said it regrets the situation and is closely monitoringfor further developments.

The debit cards were previously available to all US FTX account holders and were set to launch in 40 additional countries as part of a long-term global partnership the companies announced
at the end of October. Debit cards were directly linked to the owner's FTX account, allowing users to instantly convert cryptocurrencies to pay for goods and services.

Then the head of the cryptocurrency department of Visa QCuy Sheffield said digital currencies will have a long-term impact on the future of financial services and the way money moves around the world, and collaboration with FTX and other crypto exchanges will allow for a more efficient and reliable implementation of this system.

Previously CEO of the payment systemMastercard Michael Miebach said that in light of the new crisis in the crypto industry, global adoption of digital assets will slow down significantly. Society is also hampered by a lack of transparent and clear regulation.