UpdatesOct 10, 2022

The FTX cryptocurrency grows after the partnership with Visa is announced

Visa's financial director, Vasant Prabhu, emphasized in an interview with CNBC that despite the decline in cryptocurrency prices, there is still a lot of interest in cryptocurrency payments.

The cryptocurrency of the FTX exchange, which belongs to the financial tycoon Sam Bankman-Fried, is today experiencing a significant increase in value following Visa's new agreement with this digital asset exchange. This is another example of how the blockchain world is gradually tightening its relations with global payment networks and the broadly understood financial industry.

FTX token with significant increases

The payment giant from Wall Street has decided to increase its involvement and influence in the cryptocurrency industry. It is worth adding here that Visa also has a partnership with the cryptocurrency exchange, Binance. Recently, another American financial giant, American Express, also indicated that it was investigating a combination of its cards with stablecoins reflecting the price of the US dollar.

Visa in conjunction with FTX will offer cryptocurrency debit cards in as many as 40 countries, primarily in Europe, Asia and Latin America. Debit cards will be directly linked to the user's account on the FTX platform, from where the relevant resources will be charged later. The scheme of such transactions will work in such a way that customers will not have to withdraw their cryptocurrencies from the exchange to external wallets.

FTX.pngFTX cryptocurrency chart, H1 interval. Source: xStation5

The price of the FTX cryptocurrency has rebounded from the SMA200 and continues to grow. It is highly probable that higher volatility should be expected after the US NFP reading, which will be announced at 14:30. If there was a higher than expected reading from the labor market, it could cool down investors' euphoric moods.

Visa's CFO Vasant Prabhu emphasized in an interview with CNBC that despite the decline in cryptocurrency prices, there is still a lot of interest in payments in digital currencies. According to Bankman-Fried from FTX, the adoption of cryptocurrencies may in particular accelerate in emerging markets affected by inflation by several dozen percent, such as Turkey and Argentina. The Visa representative also pointed out that cryptocurrency payments are also very popular in those countries where confidence in the banking sector is particularly low or there is no adequate financial infrastructure.