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.
— SBF (@SBF_FTX) January 21, 2022
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.