{"id":4225,"date":"2022-11-17T13:52:28","date_gmt":"2022-11-17T13:52:28","guid":{"rendered":"https:\/\/gospeedhub.com\/?p=4225"},"modified":"2022-11-17T13:53:51","modified_gmt":"2022-11-17T13:53:51","slug":"visa-ftx","status":"publish","type":"post","link":"https:\/\/gospeedhub.com\/blogs\/visa-ftx\/","title":{"rendered":"Visa Terminates Debit Card Agreements With FTX"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">In this era of technology, when figments of tech are being crystallized into every fragment of human necessity, E-money or digital currency technology has shown that monetary value can be owned in digital form to engage in payments of goods and services.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This technology has attracted partnerships from several financial bodies, and until recently, FTX and Visa have reached crossroads in the global debit cards agreement.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">FTX, abridged as Future Exchange, is the world&#8217;s second-largest cryptocurrency exchange that enables users to connect wallets, initiate trades, exchange digital or virtual currencies, enter into derivative contracts and transact NFTs (Non-Fungible Tokens).&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Visa&#8217;s spokesperson said,&nbsp;<em>&#8220;We have terminated our global agreements with FTX and their US debit card program is being wound down by their issuer.&#8221;&nbsp;<\/em>However, in early October 2022, FTX and Visa announced an expanded partnership. Also, they revealed plans to introduce account-linked visa debit cards in 40 new countries.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What is the situation with FTX?&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Presently, FTX&#8217;s value is plummeting with reactions from customers who started withdrawing funds in a rush. In the crisis, Binance Chief Executive Changpeng Zhao said its company was selling its FTX holdings worth about $500m.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company has suffered a &#8220;giant withdrawal surge&#8221; of $6bn in three days with a daily withdrawal of tens of millions. Zhao indicated an interest in investing in FTX by agreeing to buy the company on Tuesday but declined the request on Wednesday.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a quote, Zhao stated that&nbsp;<em>&#8220;the issues are beyond our control to help.&#8221;&nbsp;<\/em>According to Bankman\u2013Fried, the company would need $4bn to stay solvent with a funding gap of $8bn. The interwoven relationship between FTX and other cryptocurrencies is already causing a fall in value in these digital currencies. Bitcoin has also recorded a drop in value this season.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although the reason for Visa&#8217;s termination of the agreement with FTX was not disclosed, could the insolvency of FTX be the reason or vice versa?&nbsp;<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Join the conversation; follow us on&nbsp;&nbsp;<a href=\"https:\/\/www.facebook.com\/gospeedhub\" target=\"_blank\" rel=\"noreferrer noopener\">Facebook<\/a>,&nbsp;<a href=\"https:\/\/www.instagram.com\/gospeedhub\/\" target=\"_blank\" rel=\"noreferrer noopener\">Instagram<\/a>, and&nbsp;<a href=\"https:\/\/twitter.com\/gospeedhub\" target=\"_blank\" rel=\"noreferrer noopener\">Twitter<\/a>&nbsp;at GoSpeedHub.<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Photo by CardMapr.nl<\/p>\n","protected":false},"excerpt":{"rendered":"In this era of technology, when figments of tech are being crystallized into every fragment of human necessity,&hellip;\n","protected":false},"author":8,"featured_media":4229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_1331110278889566212_1331110278889566212":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_grid":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":""},"categories":[10,12,11,6],"tags":[550,1223,91,140,124,1221,188,1222,1147,113,1148],"class_list":["post-4225","post","type-post","status-publish","format-standard","has-post-thumbnail","category-banking","category-crypto","category-fintech","category-tech-news","tag-binance","tag-binancehack","tag-bitcoin","tag-cryptocurrency","tag-cryptopayment","tag-debitcards","tag-digital-tokens","tag-ftx","tag-mastercard","tag-nfts","tag-visa","cs-entry","cs-video-wrap"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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