It has been reported according to the company website that the move would allow FTX users to pay for goods and services using debit cards that boast “zero fees.” Plus, card ownership is free.
However, Sam Bankman-Fried (SBF), the founder of FTX, 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 report said that 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 at almost $80.
Thus, referring to the 2022 crypto bear market, Vasant Prabhu, the Chief Financial Officer of VISA, said:
“Even though values have come down, there’s still steady interest in crypto.”