FTX to launch Visa-powered debit card that uses crypto balances

Cryptocurrency exchange FTX has today unveiled a Visa-powered debit card that will enable users to spend their crypto balances at millions of merchants worldwide with zero fees.

The FTX card is currently accepting applications for a waitlist which is set to update users when the card becomes available in a particular region.

As for availability, FTX noted that the completely free card gives customers instant access to crypto balances and spending at the millions of global merchants that accept Visa cards.

A mock-up of the FTX card. Image – FTX

To handle transaction processing, crypto balances held within a user FTX account will automatically be exchanged at the exact amount at the point of sale.

Although the exact assets available to use weren’t specified by FTX, the card opens the door for spending with leading assets including Bitcoin and Ethereum alongside the vast selection of smaller-cap assets available on the exchange.

The FTX card marks the next step in the exchange’s bid to target more ‘retail’ consumers, which includes the launch of its own native NFT marketplace and a spate of high-profile sponsorships with the NBA, MLB and eSports tournaments.

The exchange also recently launched a $2bn venture fund to invest in the world’s best crypto teams, and was the beneficiary of a $900m funding round last year that saw its valuation rise to an estimated $18bn.