Cryptocurrency exchange FTX today launched a Visa-powered debit card that allows users to spend their cryptocurrency balances for free at millions of merchants around the world.
The card is currently accepting requests for a waitlist that will update users as the card becomes available in specific regions.
In terms of availability, FTX noted that the completely free card gives customers instant access to crypto balances and spends at millions of merchants around the world that accept Visa cards.
Model of the FTX card. Image – FTX
To complete transaction processing, cryptocurrency funds held in FTX user accounts are automatically converted to accurate amounts at the point of sale.
Although FTX has not specified the exact assets available, the card opens the door to using leading assets such as Bitcoin and Ethereum, as well as a variety of smaller market cap assets offered by the exchange.
The FTX card marks the next step in the exchange’s quest to reach more “retail” consumers, including the launch of its own local NFT marketplace and a string of high-profile sponsorships in NBA, MLB and esports tournaments.
The exchange also recently raised a $2 billion venture fund to invest in the world’s top crypto teams, and was the beneficiary of a $900 million round last year, boosting its valuation by around $18 billion.
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