Monday, May 16, 2022
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FTX Exchange Launches FTX Visa Cards That Will Enable Users To Spend Their Balances At Merchants Worldwide

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FTX launches debit cards in collaboration with Visa.

Cryptocurrency exchange FTX has announced plans to issue a Visa debit card and has opened a waiting list.

Visa FTX users will pay by card worldwide using their exchange balances in digital currencies. Assets will be automatically converted into the required amount in fiat at the time of payment.

“This will allow you to keep your cryptocurrency,” FTX noted.

The exchange said it would not charge transaction fees but warned of the possibility of third-party fees.

According to the exchange, the FTX card has the following feature:

  • Crypto held within your FTX account will automatically exchange the exact amount at the point of sale, allowing you to keep your crypto as crypto.
  • FTX protects all user’s funds.
  • FTX Visa Card gives users instant access to spend their crypto 24 hours a day.
  • FTX Visa Card is completely free! FTX will not charge any administrative or processing fees.

Visa has previously approved launching a similar payment solution by several crypto companies, including Binance, Bakkt, BlockFi, CryptoSpend, and Ledger.

The American exchange Gemini and the Australian platform CoinJar issued cryptocurrency cards with payment giant Mastercard.

A survey conducted by Visa showed that in 2022, 40% of its customers plan to use digital assets.

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The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.


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