FTX to introduce Visa debit card in 40 more countries
Nine months after debuting the Visa debit card in the U.S., FTX, a crypto exchange operator, will introduce the card in over 40 more nations.
The worldwide expansion implies that more FTX clients will be able to spend their cryptocurrency holdings through the card, per a Friday release. FTX has launched a waiting list for consumers that are interested.
Latin America, Europe, and Asia are the intended growth regions for the company. Specifically, Latin American nations will be FTX’s first priority, followed by European governments by the end of the year and Asian ones the following year.
FTX Card enables customers to instantly spend monies from their FTX accounts. The card is valid at all merchants that accept Visa debit cards.
FTX CEO Sam Bankman-Fried stated in a statement, “This card enables customers to spend their FTX crypto balances 24 hours a day, 365 days a year, safely and without administrative or processing costs.”
Initially, FTX will not provide incentives for spending with the card, unlike its competitor Coinbase, which pays U.S. users of its Visa debit card with cryptocurrencies, such as bitcoin.
Additional card incentives and advantages may be revealed in the future, according to Adam Jacobs, global head of payments at FTX, who told The Block that there are presently no card-specific perks or benefits beyond the ability to spend FTX coin account balances.
The American FTX card is issued by Evolve Bank & Trust. The cryptocurrency exchange did not disclose its foreign expansion’s financial partners.
According to Cuy Sheffield, Visa’s director of crypto, “digital currencies will have a lasting influence on the future of financial services and money flow.” Visa’s crypto collaborations continue to grow.
Sheffield told The Block that the payments giant has offered cards for 70 digital currency sites, including Binance, BlockFi, Crypto.com, Coinbase, and Fold.
“We’re delighted to collaborate with major crypto exchanges like FTX to provide additional flexibility and ease-of-use to the way customers utilize their crypto,” Sheffield said in a statement.