FTX, a regulated virtual assets exchange service provider, is set to launch its Visa debit card in over 40 countries. This follows the successful launch of the same initiative in the United State earlier in the year.
According to the announcement on Friday, the Bahamian-based crypto exchange will begin its expansion in Latin American countries. Afterward, it will enter the European market at the end of the year and the Asian market next year. A waitlist has been opened for customers that are interested.
Just like traditional Visa debit cards issued by banks, the FTX Visa debit card allows users access to their funds at over 80 million retail locations that accept Visa cards. Similarly, users who have FTX accounts will be able to spend funds directly from their accounts.
FTX CEO Sam Bankman-Fried in the release said the card will enable customers to have access to their FTX crypto balance. They will be able to access the balance 24 hours a day as well as 365 days a year. Interestingly, the benefit is coming without any processing or administrative fees.
The exchange has also guaranteed maximum security and protection of users’ funds, hence users won’t have anything to worry about. The crypto users held in their FTX account will be automatically exchanged for the same amount at the point of sale. Therefore users will be able to keep their crypto as crypto.
FTX Continues its Global Expansion
Since 2019, FTX has continued to expand its footprint by entering key markets. Earlier this year it announced its entrance into Australia as it created a local company known as FTX Australia. The growth comes shortly after the exchange launched FTX Access and FTX Europe for users in Europe and the US.
Crypto card Market Gains Traction
With the increase in global acceptance and adoption of cryptocurrency, the crypto debit card market continues to blossom with several players introducing their debit cards.
As part of its plan to scale global adoption, Binance partnered with payment service giant MasterCard to launch a prepaid card for its Argentine-based customers. Users of the card can earn as much as 8% returns on certain purchases. The exchange also has a similar offering in Ukraine.
Also, crypto lender Nexo in partnership with MasterCard launched a credit card that allows users to hold down their crypto assets as collateral for goods and services rather than outrightly selling them.