Visa unilaterally terminates agreement with FTX

Visa has decided to terminate its agreement with FTX to bring crypto debit cards to more than 40 countries. The multinational payments corporation decided to make this decision because of the collapse suffered in the last week by the platform.

Last October, Seen signed an agreement with FTX through which the exchange could offer cryptocurrency debit card payments to its users. The project aimed to bring a reliable payment method to different parts of the world, with the goal of expanding FTX’s services to more than 40 countries. The agreement planned to bring the cards to countries in Latin America, Asia and Europe over the next year, but it will ultimately not be realized.

Due to the collapse suffered by FTX last week, Visa has decided to unilaterally terminate the agreement signed with the cryptocurrency exchange. Within 7 days, a 9 billion dollar deficit in FTX’s accounts, which irreparably caused the company to go into receivership. bankruptcy at the end of last week.

Visa has decided to cancel its latest debit card issuing agreement with FTX, but it will not stop there. FTX already had a cryptocurrency debit card system for its U.S. users, which was cancelled by the card issuer.. This means that users holding FTX cryptocurrency cards will no longer be able to use them. Although the official cancellation occurred recently, the cards were already unusable as of last week, when withdrawals were restricted by the platform.

News of FTX’s agreement with Visa caused the value of the FTX token, the exchange’s native token, to register a slight rise in early October. Before last week’s collapse, the asset’s value had hovered between $22 and $25 in recent months. Currently, the asset’s value has collapsed to about $1.62.

Continue reading the bottom that Binance prepares to help projects affected by what happened at FTXThis could be interesting.