The world needs to start taking crypto seriously and be able to use its assets conveniently if we want to achieve widespread adoption in the nearest future. Right now, most blockchain networks lose out to trade payment systems like VISA and MasterCard. However, it can soon change even without significant technological breakthroughs in the industry.
The partnership between FTX and VISA makes it possible to see potential changes in the industry tomorrow!
VISA will roll out experimental products in South America, Asia, and Europe
New debit cards tied directly to FTX accounts will be available in markets that already have high rates of crypto adoption. The European Union is still working on its collective stance on crypto issues, but there is strong demand for already existing crypto products in South America and Asia where many people are trading and using cryptocurrencies alongside fiat.
Debit cards will allow direct microtransactions without the necessity to move assets from the exchange. All exchange operations will be conducted within the CEX platform allowing for quick payments and convenient use of debit cards. The current plan is to roll out the program in 40 countries mostly in Latin America where the percentage of people interested in crypto is very high.
Locals are interested in buying stablecoins and BTC to hedge against economic instability creating a plethora of opportunities for local businesses and retailers to implement crypto payments. It is one of the biggest financial trends in Venezuela, Peru, Argentina, and many other countries. Debit cards will be available in South America by the end of the year. Asia will join Latin America in 2023. Rollouts in Europe will happen somewhere in 2023 as well.
The native FTX token surged in price
The short-lived surge to $25.5 is now in the past. The FTT price retraced to $24.5 and stabilized above this line. It seems that the market initially overreacted to the news and made an effort to make a Bull run, but it was quickly smothered by bears who do not see direct improvements in FTX positions as a CEX platform right now. Prospects are excellent, but we have not yet seen the real effect of partnering with VISA.