Visa ends its crypto debit card program with FTX

Payments company Visa has ended its partnership with crypto exchange FTX amid its ongoing collapse. FTX announced that it was launching a Visa debit card in more than 40 countries just in October.

Payments giant Visa has terminated its partnership with FTX after the cryptocurrency exchange’s recent collapse, Reuters reported. 

“The situation with FTX is unfortunate and we are monitoring developments closely,” Visa told The Block. “We have terminated our global agreements with FTX and their U.S. debit card program is being wound down by their issuer.”

Just last month, the crypto exchange announced that it was launching a Visa debit card in more than 40 countries, starting from Latin America.

“We’re excited to partner with leading crypto exchanges like FTX to bring more flexibility and ease-of-use to the way people use their crypto – unlocking the ability to use a crypto balance to fund purchases anywhere Visa is accepted,” Visa said at the time.

Many other companies have also sought to distance themselves from the embattled crypto exchange amid last week’s events, which ended up with FTX filing for Chapter 11 bankruptcy protection.

Meanwhile, the CEO of another crypto exchange Binance, Changpeng Zhao, said that his company would launch the fund to help projects “who are otherwise strong, but in a liquidity crisis,” welcoming investors to contribute to the fund and qualifying projects to apply. Later, Tron founder Justin Sun said that Tron, Huobi Global, and Poloniex will support the initiative.