Crypto exchange FTX has partnered with payment services giant Visa to issue crypto debit cards and enable crypto payments in 40 countries around the world.
The partnership will see the exchange roll out debit cards to its customers’ accounts in Latin America first, with Europe and Asia following soon.
“We’re excited to partner with one of the world’s largest payment networks to give our users the ability to use their crypto to fund purchases at millions of merchants around the globe. 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,” said FTX founder and CEO Sam Bankman-Fried.
Sponsored
The FTX-branded Visa cards will be linked directly to the holders’ FTX accounts, which will allow them to pay for goods and services with the digital assets they own at the 80 million merchant locations worldwide that accept Visa.
“We believe that digital currencies will have a lasting impact on the future of financial services and money movement. 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,” said Cuy Sheffield, Head of Crypto at Visa.
FTX’s native FTT token surged over 7% to $25.62 on the news but failed to hold the momentum. According to CoinMarketCap, it’s currently trading at $24.80, 71% down from its all-time high of $85.02.
FTX has also recently partnered with GameStop, the retail favorite company undergoing digital transformation. The partnership intends to introduce more GameStop customers to FTX’s community and its marketplaces for digital assets.
Sponsored
FTX recently acquired the assets of the bankrupt crypto lender Voyager Digital. The company is also looking to buy the assets of Celsius, another crypto lender that went bankrupt this year.
On the Flipside
- Interest in crypto has crashed since the start of the year. NFT sales have plummeted 97%, and the majority of tokens are down 80-95%.
Why You Should Care
FTX is one of the leading crypto exchanges in the world. The deal with Visa will introduce millions of new people around the world to crypto.
Read more about FTX’s recent funding round:
FTX to Raise $1B to Maintain $32 Billion Valuation
Read more about UK’s warning against FTX:
UK’s Financial Regulator Issues Warning Against Sam Bankman-Fried’s Crypto Exchange (FTX)
