Visa Terminates FTX Debit Card Program

The world’s largest cost processor – Visa – has terminated ties with FTX lower than a month after introducing a brand new debit card program.

Deeming the state of affairs with the debt-ridden cryptocurrency trade “unlucky,” Visa’s spokesperson advised Reuters that the corporate is “monitoring developments intently.”

• The monetary companies firm’s official statement learn,

“Now we have terminated our international agreements with FTX and their U.S. debit card program is being wound down by their issuer.”

• Visa introduced a collaboration with FTX in October this 12 months to launch account-linked Visa debit playing cards in 40 new international locations.
• The main target of the partnership was the enlargement of the debit card program to Latin America, Asia, and Europe after its introduction to US clients.
• FTX and 130 affiliated corporations, together with its sister buying and selling agency Alameda Analysis, filed for Chapter 11 Proceedings in the USA on November 13.
• Sam Bankman-Fried resigned as CEO of the corporate. His place was taken over by the veteran Wall Avenue chapter lawyer, John J. Ray III, who notably served because the chairman of the disgraced power behemoth – Enron – within the early-mid 2000s.
• SBF, however, has confronted super backlash from the crypto group because the drama unfolded final week.
• FTX began the 12 months with a $400 million Sequence C funding spherical, taking its valuation to over $32 billion.
• In one more associated improvement, US-headquartered crypto trade Kraken introduced freezing the accounts related to “FTX Group, Alameda Analysis, and their executives” after participating with regulation enforcement businesses.