Friday: Friday Cryptocurrency Exchange FTX announced Its partnership with Visa Inc. will continue to expand the rollout of its crypto debit card. The matter was first reported by CNBC media.
The partnership will see crypto debit cards launched in 40 countries by the exchange, with a focus on Latin America, Europe and Asia. FTX targets Latin American nations first, then European countries before the end and Asian countries next.
According to the report, the cards will link directly to a customer’s FTX crypto investing account. The move allows users to spend virtual assets without moving the funds off the exchange, “like you would with any bank account,” Visa CFO Vasant Prabhu explained. The executive acknowledged that “even though values have come down there’s still steady interest in crypto.”
The card can be linked to an FTX account. It can be used at 92,000,000 merchants around the world where Visa is accepted. This allows users to spend up 90% of their digital assets. Sam Bankman Fried, CEO of FTX said that this card allows users access to their FTX cryptocurrency balances 24 hours a week, 365 days a calendar year securely and without any administrative or processing fees.
The announcement comes nine month after FTX announced its crypto debit cards to the U.S. following Coinbase’s debut of its Visa debit card last June.
Crypto assets can be volatile, but card companies such as Visa Inc. and Mastercard Inc. will still accept them. Wetten Crypto will be used for daily purchases such as food, clothing, and plane tickets. These companies, therefore, don’t want to be left behind when such adoption happens.
Now, users can make payments using cryptocurrencies that are linked to Visa and Mastercard cards from major fintech companies. These efforts are a significant step forward. The turning point Traditional payment networks allow settlement payments to be made in assets other than those most people consider main currencies.
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