Bankman-Fried's FTX partners with Visa to offer crypto debit cards globally

FTX, the cryptocurrency exchange owned by billionaire investor Sam Bankman-Fried, has formed an alliance with payments giant Visa (NYSE:V) to offer crypto-linked debit cards in 40 countries with an initial focus on Latin America, Asia and Europe, the companies said Friday.The FTX-branded Visa debit cards, which are already available in the U.S., are linked directly to a holder's FTX account. The next phase of the rollout is expected in Europe before year-end, with more regional launches planned for 2023.The debit cards allow users to make purchases at 80M merchant locations worldwide that accept Visa (V)."This card allows users to make use of their FTX crypto balances 24 hours a day, 365 days a year securely and with no administrative or processing fees," SBF said in a statement, betting that FTX users still want to spend their crypto despite currently suppressed token prices. The move marks Visa's (V) latest foray into the crypto space. Al Kelly, the company's CEO, said in January that Visa will continue to lean into the industry.