Crypto exchange FTX has partnered with Visa and plans to expand access to its payment card to several dozen new countries in Latin America, Europe and Asia.
FTX is constantly working to expand its business in crypto debit cards. Unveiled last January and so far only available in the United States, the FTX Card will soon be offered to European, Asian and South American customers of the exchange founded by Sam Bankman-Fried.
While the current bear market has put many crypto exchanges such as Coinbase, Bybit, Huobi, or Bitpanda in trouble, FTX is taking advantage of its vast financial reserves to buy up strategic companies that are in the doldrums, as well as to accelerate the development of its products internationally.
Visa CFO Vasant Prabhu said:
This move allows customers to spend digital currency without withdrawing it from an exchange, just as you would with any bank account.
For his part, Sam Bankman-Fried, CEO of FTX, commented:
We are thrilled to partner with one of the largest payment networks to give our users the ability to use their crypto to pay for purchases at millions of merchants around the world.
Increasingly popular with the general public, it seems that crypto debit cards have a lot of potential to grow in the future thanks to an adoption of cryptocurrencies.
As a reminder, last month FTX won the assets of insolvent crypto platform Voyager Digital at auction.