The FTX token surged over 7% on the news that Sam Bankman-Fried’s company, FTX, would roll out a debit card in partnership with payments giant Visa.
Spending cryptocurrency may become a lot easier. FTX, one of the world’s largest crypto exchanges, has partnered with payments giant Visa to roll out debit cards in 40 countries worldwide.
The move would allow FTX users to pay for goods and services using debit cards that boast “zero fees.” Plus, card ownership is free, according to the company website.
Sam Bankman-Fried, the most influential person in crypto according to Cointelegraph’s Top 100 in 2022, has long touted his desire to unveil an FTX debit card. His company’s decision to partner with legacy payment rails — as opposed to crypto payment rails such as the Lightning Network — aligns with his views that the future of Bitcoin as a payments network is not viable.
The FTX token, the native cryptocurrency of the FTX trading platform, spiked 7% on the news, reaching highs of $25.62. The token’s all-time high is some way off, however, at almost $80.
For Visa, the development would rival competitor Mastercard’s recent forays into crypto. Chief financial officer Vasant Prabhu said “Even though values have come down, there’s still steady interest in crypto,” referring to the 2022 crypto bear market.