[2022-10-07] Visa partners with FTX

[NeuroticFish]

An interesting news (and somewhat awaited): Visa partners with FTX
CNBC: Visa partners with FTX in a bet that shoppers still want to spend cryptocurrencies in a bear market
TechCrunch: Visa dives deeper into crypto as FTX-linked debit card expands outside US

Visa is betting that crypto investors still want to spend their digital currencies, even as prices plummet this year.

The payments giant is teaming up with global exchange FTX to offer debit cards in 40 countries with a focus on Latin America, Asia and Europe. The cards, which are already available in the U.S., will link directly to a user’s FTX cryptocurrency investing account. The move allows customers to spend digital currencies without moving those off an exchange, “like you would with any bank account,” according to Visa’s CFO.

Although FTX starting - sooner or later - to offer Bitcoin (and maybe other crypto) related debit cards worldwide is pretty much normal and probably expected by some of FTX customers, I find interesting that it's said that "Visa partners with FTX" and not the other way around and I find interesting that FTX partnership is directly with Visa and not a 3rd party provider like we've seen in the "previous generation" of crypto cards.
Clearly, FTX is moving in the direction to compete (someday) with Binance.

It’s Visa’s latest foray into the space and adds to more than 70 crypto partnerships. The San Francisco-based company has already joined forces with FTX’s competitors Coinbase and Binance.

I guess that there are bits I'm missing, since I thought that Binance cards, for example, are issued by Swipe, not by Visa directly.

[1714119852]

1714119852

[1714119852]

1714119852

[DaveF]

It’s Visa’s latest foray into the space and adds to more than 70 crypto partnerships. The San Francisco-based company has already joined forces with FTX’s competitors Coinbase and Binance.

I guess that there are bits I'm missing, since I thought that Binance cards, for example, are issued by Swipe, not by Visa directly.

Visa, and others will always consider partner cards as issued by them since they do have the final say more or less. The debit card issued by Coinbase is though a bank but it's still considered a Visa partnership. Just the way it is.

In the end does it really matter if it's a Visa card issued by Bank X for service Y or if service Y does it all themselves? Banks already have the back end and customer service and everything else in place. Even if service Y wanted to do it themselves, they would probably still wind up dealing with a 3rd party just due to startup costs and time.

-Dave

[bbc.reporter]

Although FTX starting - sooner or later - to offer Bitcoin (and maybe other crypto) related debit cards worldwide is pretty much normal and probably expected by some of FTX customers, I find interesting that it's said that "Visa partners with FTX" and not the other way around and I find interesting that FTX partnership is directly with Visa and not a 3rd party provider like we've seen in the "previous generation" of crypto cards.
Clearly, FTX is moving in the direction to compete (someday) with Binance.

It might be a similar type of partnership that Visa has with banks. It is a direct partnership that recognizes FTX as a legitimate financial institution. I reckon Visa might be more willing to work with FTX because Sam and his team has been very busy working with regulators in complying with the proper licenses. Binance used to avoid regulations before CZ accepted the reality that it is impossible. FTX is very much ahead of them in compliance, however. There might be some regulators that do not want to talk with CZ because he avoided them before hehehe.

[NeuroticFish]

It might be a similar type of partnership that Visa has with banks.

This was what I expected/understood from that news. But the same news was putting Binance onto the same list as FTX and from my knowledge Binance cards are issued by Swipe, not Visa directly (as I already said).
So maybe it's in the way DaveF said, Visa takes the opportunity to get themselves into the news although it's not them who has made any actual direct partnership? It also may be that the journalists have no idea what they're writing about and some part of that news is mistaken. I really don't know...

[NotATether]

CNBC: Visa partners with FTX in a bet that shoppers still want to spend cryptocurrencies in a bear market

There are people who think that crypto is only meant to be spent in a bull market?

If that's their mindset then I don't know what they are going to do once the price stabilizes about 100 years later. But then again, their grandkids won't be thinking like that.

[NeuroticFish]

CNBC: Visa partners with FTX in a bet that shoppers still want to spend cryptocurrencies in a bear market

There are people who think that crypto is only meant to be spent in a bull market?

If that's their mindset then I don't know what they are going to do once the price stabilizes about 100 years later. But then again, their grandkids won't be thinking like that.

I would not be surprised about that mindset, I've seen even here on bitcointalk the mentality of holding the precioussss bitcoins forever.
People have different approach in working with money and it's hard to change their mentality in this matter, especially when they've found the goose with golden eggs.
I wrote here and there on bitcointalk that people should get to also enjoy their money, hence "hodl some, spend some" tends to be more appropriate.

But while I may have some expectations from (some of) the people on bitcointalk, I pretty much don't expect more than this (or anything at all) from a generic commercial news writer.

[dansus021]

the partnership between visa and crypto-related exchange is not new, maybe the VISA doesn't want to miss the train of opportunity in the crypto space. Since we all know that this gonna be huge.

[Kakmakr]

https://decrypt.co/114367/visa-pulls-plug-ftx-partnership-will-wind-down-debit-cards

"Payments giant Visa is reportedly shuttering its partnership with FTX following the latter’s bankruptcy filing last week." .... So this was so convenient for Binance ... their biggest competition. It explains why Binance pulled their financial support on the 11th hour to sink their competition and to stop this partnership with VISA. 

What do you think?

[NeuroticFish]

https://decrypt.co/114367/visa-pulls-plug-ftx-partnership-will-wind-down-debit-cards

"Payments giant Visa is reportedly shuttering its partnership with FTX following the latter’s bankruptcy filing last week." .... So this was so convenient for Binance ... their biggest competition. It explains why Binance pulled their financial support on the 11th hour to sink their competition and to stop this partnership with VISA. 

What do you think?

VISA move is not a surprise at all, especially as it was made very late.
And I think that I already said it: FTX was inflating too fast and started to look like a potential treat to Binance's supremacy. Maybe you remember that there were also topics on bitcointalk about FTX to get the "crown".
I would not be surprised if CZ knew pretty good that something is rotten there (inside info, spying on competition) and has done the move to protect his businesses' supremacy.
I guess that his math was that if he doesn't do this this now and the new bull run starts, probably FTX would have been getting the money to fill the gaps; maybe he didn't expect either to see a giant Ponzi there.

However, this "Visa partners with FTX" didn't age well

[Ludmilla_rose1995]

https://decrypt.co/114367/visa-pulls-plug-ftx-partnership-will-wind-down-debit-cards

"Payments giant Visa is reportedly shuttering its partnership with FTX following the latter’s bankruptcy filing last week." .... So this was so convenient for Binance ... their biggest competition. It explains why Binance pulled their financial support on the 11th hour to sink their competition and to stop this partnership with VISA. 

What do you think?

VISA did the wise thing by terminating the cooperation relationship with FTX, FTX cannot be predicted when it will revive,, or maybe FTX will go bankrupt forever. Binance in this case is very profitable, this will strengthen their business.

[NotATether]

CNBC: Visa partners with FTX in a bet that shoppers still want to spend cryptocurrencies in a bear market

There are people who think that crypto is only meant to be spent in a bull market?

If that's their mindset then I don't know what they are going to do once the price stabilizes about 100 years later. But then again, their grandkids won't be thinking like that.

It has barely been a month now and this has already aged well.

The rest of this thread, less so. @NeuroticFish was right  

Visa probably sh*t itself over FTX's bankruptcy filing.

https://decrypt.co/114367/visa-pulls-plug-ftx-partnership-will-wind-down-debit-cards

"Payments giant Visa is reportedly shuttering its partnership with FTX following the latter’s bankruptcy filing last week." .... So this was so convenient for Binance ... their biggest competition. It explains why Binance pulled their financial support on the 11th hour to sink their competition and to stop this partnership with VISA.  

What do you think?

Sinking it's competition was the goal? I'm afraid they haven't accomplished that yet, because next in line, we have Coinbase, Robinhood, KuCoin, Bybit, Huobi, and Kraken all of which Binance would have to sink as well.

[cr1776]

https://decrypt.co/114367/visa-pulls-plug-ftx-partnership-will-wind-down-debit-cards

"Payments giant Visa is reportedly shuttering its partnership with FTX following the latter’s bankruptcy filing last week." .... So this was so convenient for Binance ... their biggest competition. It explains why Binance pulled their financial support on the 11th hour to sink their competition and to stop this partnership with VISA. 

What do you think?

VISA did the wise thing by terminating the cooperation relationship with FTX, FTX cannot be predicted when it will revive,, or maybe FTX will go bankrupt forever. Binance in this case is very profitable, this will strengthen their business.

FTX will never revive.  Visa etc were all jumping on the bandwagon.  I don't understand what all these people were thinking, perhaps they weren't thinking at all.  It was a case of the emperor have no clothes, like Celsius and many of these other people and it seemed pretty obvious that neither of them knew what they were doing and were just scammers.  I watched part of two of those Celsius AMA things last spring and they just seemed incompetent.  Ditto with the people from FTX.

The number of supposedly smart people at Visa and other places taken in by the scammers is crazy.

[zasad@]

I have another interesting news about Visa
https://cointelegraph.com/news/fintech-company-zelf-launches-anonymous-visa-debit-card-with-crypto-recharge
Fintech company ZELF launches anonymous Visa debit card with crypto recharge
The company’s latest initiative will allow users to open up a U.S. dollar checking account with only their name, email, and phone number.
How is this possible? I can rent a phone in another country and use this bank card.

[DaveF]

Going to go with stupid low limits. You can actually do that now with some non bank financial institutions but you are locked to under $100 / month or $500 a year.
Or they are opening them all in their name and taking all the responsibility and having people as sub users.
Seems like a big risk unless they are charging insane fees to cover losses and scams and the potential investigations.

-Dave

[NotATether]

I have another interesting news about Visa
https://cointelegraph.com/news/fintech-company-zelf-launches-anonymous-visa-debit-card-with-crypto-recharge
Fintech company ZELF launches anonymous Visa debit card with crypto recharge
The company’s latest initiative will allow users to open up a U.S. dollar checking account with only their name, email, and phone number.
How is this possible? I can rent a phone in another country and use this bank card.

Anybody knows whether you can only order the cards with their app, or can you do it from their website as well? Because their app requires iOS 14+, and I don't want to update my phone so Apple can't throttle it, and I don't have an Android phone handy right now.

Speaking of which: is there even a Play Store app for this thing?

[BlackHatCoiner]

Visa partners with FTX. In other news, financial institution partners up with another financial institution that sells stuff people should use to avoid financial institutions.

The move allows customers to spend digital currencies without moving those off an exchange, “like you would with any bank account,” according to Visa’s CFO.

I was going to refute this as a valid analogy, but the more I think about it, the more the scandals such as this recent incident with FTX, which involved money laundering, have happened with banks before. 

[Kakmakr]

CNBC: Visa partners with FTX in a bet that shoppers still want to spend cryptocurrencies in a bear market

There are people who think that crypto is only meant to be spent in a bull market?

If that's their mindset then I don't know what they are going to do once the price stabilizes about 100 years later. But then again, their grandkids won't be thinking like that.

It has barely been a month now and this has already aged well.

The rest of this thread, less so. @NeuroticFish was right  

Visa probably sh*t itself over FTX's bankruptcy filing.

https://decrypt.co/114367/visa-pulls-plug-ftx-partnership-will-wind-down-debit-cards

"Payments giant Visa is reportedly shuttering its partnership with FTX following the latter’s bankruptcy filing last week." .... So this was so convenient for Binance ... their biggest competition. It explains why Binance pulled their financial support on the 11th hour to sink their competition and to stop this partnership with VISA.  

What do you think?

Sinking it's competition was the goal? I'm afraid they haven't accomplished that yet, because next in line, we have Coinbase, Robinhood, KuCoin, Bybit, Huobi, and Kraken all of which Binance would have to sink as well.

Well, the only way to eat an elephant... is to take it piece by piece ....right.  They have found a new way to f#$k the smaller Exchanges, much like the hostile takeovers that are done by Corporate giants.

I predict that we might see a lot more of these moves being done by the larger fish. (rug pull) 

In any way.... this thread can be closed.... this news is old and outdated now. 

[NeuroticFish]

Fintech company ZELF launches anonymous Visa debit card with crypto recharge

It looks like they are already in trouble. Also this is off-topic here and the actual discussion goes on in [BIG LIST] Crypto Debit Cards, I recommend to continue there if anything needs to be added.

In any way.... this thread can be closed.... this news is old and outdated now. 

This is a good point. I'll lock it now.

VISA is no longer partner of FTX. End of story.