Sam Bankman-FTX Fried’s exchange has announced that it will be issuing Visa debit cards in 40 new countries. Since FTX is now available in more countries, more of their clients can use the card to withdraw their cryptocurrency holdings. It follows the exchange’s Visa card debut in the US, which took place around nine months prior. FTX has created a waitlist for users who would like to board the crypto debit card and its services.
What FTX plans to achieve with the mass Visa card rollout
FTX will initially focus on countries in Latin America before expanding to European states by year’s end and Asian countries in 2023. With these cards, users can instantly access their cryptocurrency holdings from their FTX trading accounts. It is by no means a first for Visa in the crypto space, as the company has tens of other partnerships, including with crypto exchanges Binance and Coinbase.
But Visa CFO Vasant Prabhu says the company’s collaborations with crypto firms are proof of Visa’s capacity to facilitate payment services beyond the traditional arena, not a reflection of Visa’s sentiment regarding the future performance of digital assets. By having Visa and FTX convert cryptocurrency on the back end, more retailers may accept cryptocurrency. This is because they will not incur any extra costs associated with installing any specialized technology.
The CEO of FTX, Sam Bankman-Fried, says blockchain technology will definitely disrupt existing payment systems. In addition, the company believes that accepting credit card payments is crucial to expanding the crypto market beyond its current use as a speculative asset or, for some, a store of value. Users will likely approve of the change because there will be no additional costs associated with making transactions using the card. Holders can use the card at any retailer or institution that accepts Visa debit cards.