Bahamas-based crypto exchange continues to expand its dominance in the crypto industry.
FTX, a Bahamas-based crypto exchange established in 2019 by Sam Bankman-Fried, has collaborated with Visa to launch “a long-term global partnership.”
According to the announcement shared by FTX, the partnership will allow FTX to expand its debit card support in 40 countries across the globe, starting with the Latin American region.
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It is worth noting that crypto exchange users in the United States are already familiar with FTX Visa debit cards. At the beginning of 2022, FTX teased US customers about the launch of such a product.
FTX CEO and founder Sam Bankman-Fried, when commenting on the expansion, noted:
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. 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.
Based on the announcement, the debit card will allow users to “seamlessly convert and pay for goods and services with the crypto balance in their FTX wallets” while being directly linked with their FTX accounts.
Head of Crypto at Visa, Cuy Sheffield, highlighted that collaboration with FTX will allow crypto users to have more flexibility on where and how to use crypto.
At Visa, we believe that digital currencies will have a lasting impact on the future of financial services and money movement. 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.
FTX debit card users will be able to use their cards in more than 80 million merchant locations worldwide without any processing or administrative fees.
The company noted that the expansion into Europe is expected to occur by the end of 2022. Whereas Asian customers will be eligible to receive FTX Visa debit cards at the beginning of 2023.
This is just another step for FTX to become one of the largest crypto exchanges. At the end of September, FTX won the auction for Voyager Digital assets with a bid worth approximately $1.422 billion.
