Cryptocurrency exchange FTX is collaborating with Visa to launch debit cards in 40 countries, with initial rollouts across Latin America followed by Europe and Asia.
The FTX-branded Visa debit cards will be linked directly to a user’s FTX accounts and will initially be offered in the U.S., according to a press release emailed to PYMNTS on Friday (Oct. 7).
“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 Sam Bankman-Fried, CEO of FTX.
“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,” he added.
See also: Sam Bankman-Fried’s FTX Asking Backers for Up To $1B at $32B Valuation
The next rollout phase of the FTX-branded Visa debit cards is expected in Europe before the end of the year, with additional regional launches planned for 2023.
“At Visa, we believe that digital currencies will have a lasting impact on the future of financial services and money movement,” said Cuy Sheffield, Head of Crypto at Visa.
Sheffield added that by teaming up with companies like FTX, Visa can bring “flexibility and ease-of-use to the way people use their crypto” and give people the ability to use their crypto balance where Visa is accepted.
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FTX Visa debit cards let people seamlessly convert and pay for goods and services with the crypto balance in their FTX wallets at over 80 million merchant locations worldwide that accept Visa, per the release. FTX Visa debit cardholders are not charged administrative or processing fees for using the card.
“Through our partnership with Visa, we are continuing to see further expansion of the connection between digital assets and the global financial ecosystem. With the FTX-linked Visa debit cards, individuals can now tap into their cryptocurrency holdings for everyday spending opportunities,” said Adam Jacobs, Global Head of Payments at FTX.
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