Payments company Visa has terminated its partnership with FTX amid the cryptocurrency exchange’s ongoing collapse.
“The situation with FTX is unfortunate and we are monitoring developments closely,” a Visa spokesperson 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.”
In October, the cryptocurrency exchange announced that it was launching a Visa debit card in more than 40 countries, rolling out in Latin America to start.
“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,” said Visa head of crypto Cuy Sheffield in a statement at the time.
Other companies have also sought to distance themselves from the embattled cryptocurrency exchange after last week’s events, which culminated in FTX filing for Chapter 11 bankruptcy protection.
Source: The Block