FTX exchange announced that it would launch a debit card in collaboration with payment giant Visa. The FTX token increased by more than 7% following the announcement.
One of the biggest cryptocurrency exchanges in the world, FTX, teamed up with payments giant Visa to introduce debit cards in 40 nations around the world.
With this partnership, FTX users would be able to pay for goods and services with “zero-fee” debit cards. Additionally, the company noted that owning a card is free.
Note that Sam Bankman-Fried, founder of FTX, has long expressed a desire to introduce an FTX debit card.
His company’s decision to collaborate with traditional payment rails rather than alternative crypto payment rails like the Lightning Network is in line with his opinion that Bitcoin’s viability as a payment network cannot be guaranteed.
The FTX trading platform’s native cryptocurrency, FTX token, increased 7% in value in response to the news, peaking at $25.62.