FTX, one of the world’s largest virtual currency exchanges, has partnered with payments giant Visa to roll out debit cards in forty nations around the world. Because of this, spending digital assets may become a lot easier.
The move would permit FTX users to pay for goods and services using debit cards that boast “zero fees.” Apart from that, card ownership is free, as per the company website.
Sam Bankman-Fried, the most influential person in digital asset space as per Cointelegraph’s Top 100 in 2022, has long touted his desire to reveal an FTX debit card. His organization’s decision to partner with legacy payment rails, as opposed to virtual asset payment rails like the Lightning Network, aligns with his views that the future of BTC as a payments network is not feasible.
The FTX token, the native virtual asset of the FTX trading platform, increased seven percent on the news, touching highs of over twenty five dollars. Nevertheless, the coin’s all-time high is some way off, at around eighty dollars.
For Visa, the development would challenge competitor Mastercard’s recent forays into the virtual asset domain. Chief financial officer Vasant Prabhu mentioned, “Even though values have come down, there’s still steady interest in crypto,” referring to the current digital asset bear market.
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