Crypto exchange FTX has just announced a partnership with Visa to release crypto debit cards in more than 40 countries with a focus on Latin America, Europe, and Asia. Latin America countries will be the first focus, followed by European countries before the end of this year and Asian countries next year.
Like traditional debit cards, crypto debit cards allow cardholders to spend their funds at over 80 million international retailers that accept Visa cards. FTX will not charge any administrative or processing fees for using the card. And of course, debit cards issued by FTX will support trading and custody of hundreds of cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Solana (SOL) and stablecoins like Tether (USDT).
Crypto debit cards issued by FTX allow cardholders to hold or trade their cryptocurrency 24 hours a day, 365 days a year securely and with no processing fees”, said FTX CEO Sam Bankman-Fried.
Cuy Sheffield, head of crypto at Visa, also said: “Visa continues to expand its crypto partnerships and believes that digital currencies will have a long-term impact on the future of financial services and currencies. We’re excited to partner with one of the world’s largest payment networks to give our users the ability to utilize their crypto to fund purchases at millions of merchants around the globe.”
Before FTX, other crypto players like Binance, Coinbase or Crypto.com had also made similar moves. It is not clear if FTX offers any incentive program to encourage users to spend via cards. Coinbase has been rewarding US users with crypto, including Bitcoin, via its debit cards.
After this news spreaded, FTT – the native token of the FTX exchange has skyrocketed by more than 8%, but then dropped and trading around $24.3 at the time of writing.
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