Visa announced its breakup with FTX exchange over its FTX-powered Debit card program.
Visa is a giant Card payment processor company, which is also actively working on the crypto & blockchain supported payment systems, to remain a leading company in the race for crypto-powered payment systems. Around a month ago, FTX established a partnership with FTX exchange to issue Crypto powered Debit cards.
On 10 November, Reuters reported that Visa company terminated its global partnership with FTX exchange.
A spokesman of Visa company stated:
“We have terminated our global agreements with FTX and their U.S. debit card program is being wound down by their issuer.”
Initially, FTX established this partnership with Visa in October of this year. In short, the partnership terminated within less than 30 days, which is a very bitter thing for this crypto adoption.
FTX & Bankruptcy
FTX exchange has Investment in multiple companies and now in the current situation the company is working to file its bankruptcy along with a total of its 130 companies, because of the ongoing liquidity crisis issue.
The whole situation arose because of a very small controversy, which was initiated with a very small fight with the Binance exchange. Binance Exchange was one of the investors in the FTX exchange but due to some reasons the company decided to sell its FTX token holdings and that created a very big fear among the customers of FTX & finally customers started to get out from the exchange to remain away from any kind of big issue.
Today Binance exchange announced a crypto recovery fund, to help those crypto businesses which are under a liquidity crisis but operate their business on a strong concept.
Read also: Binance launches “industry recovery funds”