FTX to launch Visa debit crypto card in 40 countries

What’s new? Cryptocurrency exchange FTX has entered into a partnership with Visa payment system. As part of the partnership, the exchange will issue Visa debit cards for FTX customers. The launch will take place in stages. The cards are already available in the United States and will soon be launched in more than 40 countries in Latin America, Europe and Asia. The next phase of implementation is expected in Europe by the end of 2022. Additional regional launches are planned for 2023, according to the statement.

The FTX press release

What else does the press release say? Debit cards are directly linked to an FTX account, allowing for seamless conversion and payment for goods and services using cryptocurrencies. Customers can use the cards to make purchases at the 80 million merchant locations around the world that accept Visa. Debit cardholders are not subject to any administrative or processing fees for using the card.

FTX CEO Sam Bankman-Fried said the exchange is pleased to be partnering with one of the world's largest payment networks. He said the partnership will give the platform's customers the ability to use their crypto assets for purchases at millions of merchants around the world. In addition, the card allows users to use their FTX balance 24 hours a day, 365 days a year securely and without any fees, he added.

What is known about FTX? It is a centralized crypto exchange for derivatives trading headquartered in the Bahamas. It was founded in 2018 by trader Sam Bankman-Fried and programmer Gary Wang. As of 2022, the platform has more than one million registered users. As of October 7, the daily trading volume is $1,4 billion, according to CoinMarketCap. There are 340 coins and 524 currency pairs on the platform.

FTX's native token is FTT. The asset is trading at $24,76, having lost 0,4% in 24 hours, according to cryptocurrency exchange Binance.

What is known about Visa? It is an American multinational company that provides payment transaction services. The system's cards are accepted in more than 200 countries, with a capitalization of $479 billion as of January 30, 2022.

In June, Visa announced the launch of a series of cryptocurrency-enabled cards in Latin America. These cards will allow users to pay with digital assets and buy them at Visa-backed cryptocurrency outlets. Also, bitcoin cashback is credited for purchases.

In October, crypto platform ShopNEXT partnered with Visa to launch the world's first Web 3.0 loyalty platform. Visa users can use it to make purchases and receive rewards in the form of tokens.