Crypto exchange Operator FTX is set to launch the VISA debit card in 40 new countries, about nine months after introducing the same in the United States. The launch expansion means that the FTX customers and users can use their Crypto balances through the card for transactions.
FTX has opened a waitlist for customers who are interested in getting a card. Latin America, Europe, and Asia are the initial targeted markets for launching the VISA debit cards. Specifically, Latin American countries will be FTX’s first focus, followed by European states before the end of the year and Asian nations next year.
If a user has a balance in their FTX account, they can use the same to make spends through their card. The card is accepted at any retailer that accepts Visa debit cards.
“This card allows users to make use of their FTX crypto balances 24 hours a day, 365 days a year securely and with no administrative or processing fees,” FTX CEO Sam Bankman-Fried said in the statement. FTX’s card in the U.S. is issued by Evolve Bank & Trust. It is unclear which banks would be partnering with FTX for the international expansion.
Visa continues to expand its crypto partnerships and believes that “digital currencies will have a lasting impact on the future of financial services and money movement,” according to Cuy Sheffield, head of crypto at Visa.
“We’re excited to partner with leading crypto exchanges like FTX to bring more flexibility and ease-of-use to the way people use their crypto — unlocking the ability to use a crypto balance to fund purchases anywhere Visa is accepted,” Sheffield said in the statement.
Source: The Block