FTX will provide Visa debit cards in 40 more countries

FTX, a cryptocurrency exchange operator, is poised to issue a Visa debit card in over 40 new countries, nine months after launching it in the United States.

According to an announcement made on Friday, the global expansion implies that more FTX clients will be able to spend their crypto balances kept at the exchange using the card. FTX has established a waiting list for prospective consumers.

The firm’s target markets for expansion are Latin America, Europe, and Asia. Latin American countries will be FTX’s initial priority, followed by European states before the end of the year and Asian ones the following year.

Users can use the FTX Card to spend funds straight from their FTX accounts. The card is accepted anywhere Visa debit cards are accepted.

“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,” FTX CEO Sam Bankman-Fried said in the statement.

It is unknown whether FTX would also offer rewards for card spending, similar to its competitor Coinbase, which offers prizes in cryptocurrencies, including bitcoin, on its Visa debit card. By press time, neither FTX nor Visa had responded to The Block’s inquiries.

Evolve Bank & Trust issues the FTX card in the United States. The cryptocurrency exchange does not divulge the banking partners it has enlisted for its worldwide development plans.

According to Cuy Sheffield, Visa’s head of crypto, Visa continues to grow its crypto relationships and believes that “digital currencies will have a lasting impact on the future of financial services and money flow.”

Visa continues to expand its crypto partnerships and believes that “digital currencies will have a lasting impact on the future of financial services and money movement,” according to Cuy Sheffield, head of the crypto at Visa.

“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,” Sheffield said in the statement.