FTX exchange will launch a Visa debit card in 40 countries to allow its customers to pay for goods and services using crypto.
The card will initially roll out to FTX customers in Latin America, Europe, and Asia. Waitlisted users will be notified via email when it is available in their respective countries. FTX launched the card in the United States earlier this year.
The cardholder’s FTX crypto balance will be debited at the point of sale without FTX charging any administrative or processing fees, although third parties may levy a fee.
“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,” said FTX CEO Sam Bankman-Fried in a press release.
The card will allow FTX customers directly spend their crypto balances without having to deal with delays and fees associated with converting crypto to fiat for withdrawal at a bank. While FTX has not disclosed which crypto assets customers can spend, customers in the U.S. can first use USD balances. If a customer’s USD balance is insufficient, the card will use the highest crypto balance owned by the customer.
Unlike the BlockFi credit card, launched in partnership with Visa, the FTX cards currently i
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