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FTX to introduce Visa debit cards in 40 new nations

A Visa debit card from FTX is being introduced in more than 40 additional countries in Asia, Europe, and Latin America.

Photo by Stephen Andrews / Unsplash

A Visa debit card from FTX is being introduced in more than 40 additional countries in Asia, Europe, and Latin America. A phased deployment will occur nine months after FTX introduced the card in the United States.

In which regions will these cards be introduced?

Nine months after debuting a Visa debit card in the United States, cryptocurrency exchange operator FTX (1) is getting ready to roll it out in more than 40 more nations. According to a Friday announcement, more FTX users will be able to use the card to spend their crypto holdings at the exchange due to the global expansion. For interested clients, FTX has established a waitlist. The firm's target markets for growth are Latin America, Europe, and Asia. Specifically, FTX will first concentrate on Latin American nations, then European nations before the year are over, then Asian nations the next year. Users of the FTX Card can make purchases using money straight from their FTX accounts. Any merchant that accepts Visa debit cards will accept the card.

"This card allows users to use 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.

What about its Rivals?

It is unknown if FTX would offer benefits for using the card in the same way as its rival Coinbase (2), which pays American customers using its Visa debit card in cryptocurrencies like bitcoin (3). FTX and Visa had not replied to The Block's inquiries by publication. Evolve Bank & Trust is the company that issues FTX's cards in the US. The cryptocurrency exchange withheld information about its financial partners for its ambitions to expand internationally.

"We're excited to partner with leading crypto exchanges like FTX to bring more flexibility and ease-of-use to how people use their crypto — unlocking the ability to use a crypto balance to fund purchases anywhere Visa is accepted," Sheffield said in the statement.

According to Cuy Sheffield, director of crypto at Visa, the company continues to grow its cryptocurrency relationships and believes that digital currencies will impact the future of financial services and money transportation.