The FTX crypto exchange, run by Sam Bankman-Fried, has partnered with payments giant Visa to provide crypto debit cards in 40 countries throughout Europe, Latin America, and Asia.
JUST IN: Visa has partnered with FTX to offer #crypto debit cards in 40 countries.
— Watcher.Guru (@WatcherGuru) October 7, 2022
More than 40 Countries to Receive FTX’s Crypto-Powered Visa Debit Cards. After nine months of success in the United States, FTX is expanding its Visa debit card service abroad via a collaboration with Visa.
According to CNBC, FTX customers will soon be able to use debit cards “as you would with any bank account” to make cryptocurrency purchases. Sam Bankman-Fried, the exchange’s founder and CEO, has said that cryptocurrency debit cards have the potential to challenge established payment methods.
Over 80 million businesses worldwide accept Visa cards, so customers in over 40 countries throughout Asia, Latin America, and Europe will soon be able to spend their cryptocurrency holdings there. There are no hidden costs, such as administration or processing, while using this exchange.
Ether, Bitcoin, Dogecoin, Cardano, and Solana are just some cryptocurrencies that may be purchased, sold, and held in custody on FTX. This action from Visa also shows that they want to continue supporting cryptocurrency despite its decline in value this year.
It is yet not clear whether FTX customers would be able to get cash back when using a debit card to make purchases with their cryptocurrency, as is the case with Coinbase, a competing exchange.
The Visa Partnership Drives a Spike in FTT
Introducing cryptocurrency into everyday transactions is crucial to increasing its widespread use. By 2026, it is expected that retail sales in the United States will have reached $7.9 trillion. Cryptocurrencies may benefit significantly from capturing even a small portion of this market.
The FTX token, FTT, surged by 8% when the collaboration was announced, then leveled down to its current price of roughly $24.79 per coin. Even yet, FTT sells at a 70.5% discount to its September 2021 high of $84.18.