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- FTX handled to get away from the miseries of the downfalls in the crypto market as the platform was in the limelight for its newest collaboration.
- FTX has accepted that it had collaborated with the payment platform Visa on October 7.
In line with the collaboration details, Visa will give debits to over forty countries. This card will, in reexamination, permit clients to buy using their crypto holdings.
As has been the case, a number of investors have referred to cryptocurrency as speculative assets useless. Although, Cuy Sheffield, the head of the crypto at Visa, noted that the collaboration with FTX can help in changing the tale.
In an interview with the media, Sheffield highlighted that the partnership was very significant for the crypto environment. In addition to that, he highlighted crypto could shift from being known as a trading asset only to being a real-world use case.
When questioned about the Visa designed to handle the instability linked with crypto. Sheffield mentioned,
“In spite of the value of any asset on a day, we are witnessing continued interest from clients, similarly from buisnessman and builders. Many developers are entering into the crypto industry and are going to create the future of payments.”
By dint of decentralization, the crypto head highlighted that it was much of a range than binary. Sheffield further added that decentralization would make more partnerships with traditional finance than pretends as the latter’s killer.
Prior to this, Visa has collaborated with Coinbase also. That collaboration permitted coinbase clients settled in the UK to utilize their Visa card to pay with Bitcoin [BTC], Litecoin [LTC], and Ethereum [ETH]. Now, Visa targets to capitalize on the FTX collaboration to grow over various countries.
What does the report represent?
Almost quickly after the news was publicized, FTT weakened. As per the report from CoinMarketCap, the FTX exchange token grew from $24.59 to $25.62 in just a few hours.
Signs from the report represented that there was a growing interest in FTT in that period. At the same time, the price slipped crucially at the time of writing, the volume had continued the surge with a 167.66% growth in the past 24 hours.
Meanwhile, one will anticipate that the FTX-Visa collab will also result in more adoption of FTT. Still, the 24-hour active addresses did not significantly rise by dint of the development.
Santiment, a data provider platform, highlighted that FTT daily active addresses were at 276 at the press time. Yesterday, it stood at 19.72% and slipped to 239. Also, there was one more feature that investors could cheer about, the Market Value to Realized Value (MVRV) ratio.
Relying on observations from the on-chain platform, FTT’s thirty-day MVRV ratio stood at 3.395%.
FTT was possibly to make more gains for investors in the future. Also, creating on the Visa collaboration momentum could help crystalize the projection.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
