10/7/2022 | Decrypt

FTX Targets Latin America With Visa Debit Card—With Europe and Asia Next

FTX Targets Latin America With Visa Debit Card—With Europe and Asia Next

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.

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.

“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 DOGE.Exchange, Coinbase, Binance, and Crypto.com.