In brief
- FTX is expanding its Visa crypto debit card internationally after launching it in the United States earlier this year.
- Latin American countries will be a big focus for the initial expansion, FTX said, with European and Asian countries also ahead.
Cryptocurrency exchange FTX announced today that it is expanding its Visa debit card offering into more than 40 additional countries around the world. No specific countries were announced, but the firm said that many are located in Latin America.
FTX launched the Visa debit card in the United States earlier this year, letting users directly tap into the crypto funds in their accounts while shopping. Now FTX plans to bring the card to much more of the world as part of an international expansion through a long-term partnership with Visa.
After that, FTX plans to make similar pushes in Europe and Asia. The European rollout is slated to take place before the end of 2022, with “additional region launches”—apparently including Asia, which is mentioned elsewhere in the announcement—due in early 2023.
FTX US President Brett Harrison Stepping Down, Shifting to Advisory Role
Brett Harrison, president of the United States division of cryptocurrency exchange FTX, announced today that he is stepping down from the role. He plans to shift into an advisory role over the next few months as he transfers his duties and exits his current role. In a series of tweets, Harrison explained that he will transfer his responsibilities to others over the next few months as he transitions into an advisory role at FTX US. Harrison joined in May 2021 from Citadel Securities to help FTX b...
The exchange’s Visa debit card works much like one from a traditional bank, letting users spend their funds at more than 80 million international retail locations that accept Visa cards. FTX doesn’t charge users any administrative or processing fees for using the card.
FTX’s platform supports trading and custody for hundreds of cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Solana, and stablecoin Tether.
Visa: More Than $1 Billion Spent Using Crypto-Linked Cards in 2021
Financial services giant Visa has revealed that over $1 billion in cryptocurrency was spent using its cards in the first half of 2021. The company has teamed up with more than 50 cryptocurrency-related companies, including exchanges FTX and Coinbase, to allow its clients to convert and pay with digital assets at over 70 million merchants across the world. “The merchants don't have to change anything. It will be the same as any other Visa transaction to them. But on the backend, the crypto assets...
“We believe that digital currencies will have a lasting impact on the future of financial services and money movement,” said Visa’s Head of Crypto Cuy Sheffield, in the release. “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.”
FTX is expanding its initiative as the crypto debit card market grows increasingly crowded, including offerings in various regions from rival exchanges like Coinbase, Binance, and Crypto.com.
