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07 Oct 2022

FTX to launch Visa debit card in 40 new countries

FTX to launch Visa debit card in 40 new countries

Crypto exchange operator FTX is set to launch a Visa debit card in over 40 new countries, nine months after introducing it in the U.S.

The global expansion means more FTX customers will be able to spend their crypto balances held at the exchange via the card, according to an announcement on Friday. FTX has opened a waitlist for interested customers.

Latin America, Europe and Asia are the firm's targeted markets for expansion. Specifically, Latin American countries will be FTX's first focus, followed by European states before the end of the year and Asian nations next year.

FTX Card allows users to spend funds directly from their FTX accounts. The card is accepted at any retailer that accepts Visa debit cards.

"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," FTX CEO Sam Bankman-Fried said in the statement.

It is unclear whether FTX will also provide rewards for spending via the card like its rival Coinbase, which rewards U.S. users in cryptocurrencies, including bitcoin, on its Visa debit card. FTX and Visa did not respond to The Block's queries by press time.

FTX's card in the U.S. is issued by Evolve Bank & Trust. The crypto exchange didn't reveal the banking partners for its international expansion efforts.

Visa continues to expand its crypto partnerships and believes that "digital currencies will have a lasting impact on the future of financial services and money movement," according to Cuy Sheffield, head of crypto at Visa.

"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," Sheffield said in the statement.

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