FTX continues its international expansion by offering its cryptocurrency payment card in around forty countries as part of a partnership with VISA. According to FTX, the card should be available in Europe before the end of 2022.
FTX is rolling out its crypto card internationally
FTXthe second largest cryptocurrency exchange in the world, has announced that it will deploy its card dedicated to cryptocurrency payments in around forty countrieswith a focus on Latin America.
Binance’s main competitor in terms of volume traded, FTX is a cryptocurrency exchange platform created by the billionaire Sam Bankman-Fried which offers a wide range of tools for trading that you can discover in our presentation of the latter.
This crypto card was already offered to American citizens since the beginning of this year, but today FTX has decided to expand its geographic reach through a partnership with the VISA network. The FTX card allows you to pay with the cryptocurrencies held on the exchange without having to transfer them anywhere.
Small peculiarity, unlike most of its competitors, FTX specifies that no specific fee accompanies the use of this card.
Note the magnitude of such a partnership in a bear market context where investor confidence is not looking good. But according to Vasant Prabhuthe financial director of VISA, it really matters little:
“Even though values have fallen, interest in cryptocurrencies remains constant. As a company, we do not pronounce on the value of cryptocurrencies, nor on their long-term usefulness. »
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Finally, is Bitcoin reconcilable with the banking system?
Cryptocurrency giants, such as Binance, FTX or Kraken, continue to interest financial giants. This partnership between FTX and VISA bears witness to this, a few months after David Solomon, CEO of Goldman Sachsmet with Sam Bankman-Fried to discuss possible deals.
MasterCard, the main competitor of VISA, is also in the race to adopt cryptocurrencies. Just a few days ago, he also announced that he was working with Binance to offer the latter’s crypto card to more than 90 million businesses.
Sam Bankman-Fried acknowledged the irony of these growing partnerships, as Bitcoin (BTC) and related cryptocurrencies have been created to circumvent the traditional financial system. The same system that today decides to adopt them in the face of their growing success.
One of the main reasons concerns in particular the volume processed on blockchain networks. Indeed, last year, Ethereum (ETH) had moved more money than VISA alone.
According to SBF, crypto card payments are a pathway for wider adoption as it enables to include cryptocurrencies in daily life.
👉 On the same subject – Resignation of the president of FTX.US: a look back on a successful journey
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Source: CNBC
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