On hearing that Sam Bankman-startup, Fried’s FTX, would launch a debit card in collaboration with payments behemoth Visa, the FTX token increased by more than 7%.
Cryptocurrency spending could get a lot simpler. One of the biggest cryptocurrency exchanges in the world, FTX, has teamed up with payments giant Visa to introduce debit cards across 40 nations.
With this change, FTX users would be able to pay for goods and services with “zero fee” debit cards. Additionally, according to the corporate website, card ownership is cost-free.
Sam Bankman-Fried, who will be ranked No. 1 on Cointelegraph’s Top 100 in 2022, has long expressed a desire to provide an FTX debit card. His company’s decision to collaborate with traditional payment rails rather than with decentralized ones like the Lightning Network is in line with his opinion that Bitcoin’s (BTC tickers down $19,553) future as a payments network is unviable.
In response to the news, the FTX token, the native cryptocurrency of the FTX trading platform, increased 7% and hit a high of $25.62. However, at roughly $80, the token’s all-time high is still some distance away.
The advancement would put Mastercard, a rival, on par with its most recent cryptocurrency ventures. In reference to the anticipated 2022 crypto bear market, chief financial officer Vasant Prabhu commented, “Even if values have decreased, there is still steady interest in crypto.”