Credit card giant Visa (V) is moving deeper into the cryptocurrency sector by partnering with crypto exchange FTX to offer a new line of debit cards in 40 countries.
The debit cards, which are already available in the U.S., link directly to a user’s FTX cryptocurrency investing account and allow people to spend digital currencies without moving them off the FTX exchange.
The deal between Visa and FTX comes as the price of Bitcoin (BTC) and other cryptocurrencies have been cut by more than half this year. Bitcoin is currently trading right around $20,000 U.S., down 58% on the year.
The FTX deal is the latest of more than 70 cryptocurrency partnerships Visa has struck in recent years. Visa has also partnered with cryptocurrency exchanges Coinbase (COIN) and Binance on various finance initiatives.
Cryptocurrencies were originally created to enable users to sidestep banks and other financial institutions. But banks and payment companies such as Visa are embracing blockchain technology as cryptocurrencies move into the mainstream.
The Visa-FTX partnership will make it easier for merchants to accept cryptocurrencies without setting up proprietary technology of their own, the two companies said in a joint news release.
Despite mainstream adoption by companies such as Visa, the cryptocurrency sector has had some high-profile implosions this year.
Crypto lenders Celsius and Voyager each filed for bankruptcy this past summer after freezing withdrawals, and the failure of hedge fund Three Arrows Capital resulted in billions of dollars of value being wiped off the crypto market.
Visa’s stock is down 16% this year and trading at $185.59 U.S. per share.
