FTX, one of the world’s largest crypto exchanges, partnered with payments giant Visa to roll out debit cards in 40 countries worldwide ,a move that will make spending cryptocurrency a lot easier.Particular emphasis will be on Latin America, Europe, and Asia.
The value of FTT, which is the native token of the cryptocurrency exchange FTX, increased by 7% following a news that the exchange has teamed with payment giant Visa (V) to roll out crypto debit cards.
Sam Bankman-Fried, CEO of FTX, said that crypto debit cards had the potential to disrupt established payment networks.
After competitor cryptocurrency exchange Coinbase launched its own debit card option in the summer of 2017, FTX made the initial announcement of its ambitions to launch a debit card in January.
According to statements made by Visa’s Chief Financial Officer Vasant Prabhu , “Even though values have dropped down, there is still constant interest in crypto.”
Since the advent of digital assets more than a decade ago, the use of cryptocurrencies for making payments has been a gradual process. Accountancy firm Deloitte believes that this will soon change with a prediction that 75% of merchants will accept cryptocurrency within the next two years. Price volatility and a lack of desire to use scaling solutions like the Lightning Network has perturbed retailers. However, the firm believes that this will soon change.
