Visa ends global card agreements with insolvent crypto exchange FTX - report

Payments titan Visa ( NYSE: V ) is putting an end to its global card agreements with beleaguered cryptocurrency exchange FTX, according to a recent report by Reuters, citing a company spokesperson. In early October, Sam Bankman-Fried's FTX formed an alliance with Visa ( V ) to offer crypto-linked debit cards across 40 countries. Roughly a month later, though, FTX filed for Chapter 11 bankruptcy protection in the face of its multibillion-dollar shortfall and its inability to meet a colossal amount of customer withdrawals. "We have terminated our global agreements with FTX and their U.S. debit card program is being wound down by their issuer," the Visa spokesperson told Reuters. Visa ( V ) stock inched down 0.4% in premarket trading. Visa did not immediately respond to Seeking Alpha's request for comment. The payments processor has increasingly embraced the emerging cryptoverse, having recently praised non-fungible tokens for their ability to strengthen the speed of commerce .