FTT, the native token of cryptocurrency exchange FTX, increased 7% following news that the exchange has teamed up with payment giant Visa to launch cryptocurrency debit cards.
The deal will enable the exchange to roll out crypto debit cards in 40 nations, with a concentration on Latin America, Europe, and Asia according to a CNBC report. Sam Bankman-Fried, CEO of FTX, told CNBC that crypto debit cards had the potential to upset established payment systems.
The move would enable FTX users to pay for goods and services with “zero fee” debit cards. Additionally, according to the corporate website, card ownership is cost-free. The development would put Visa on par with rival Mastercard with its most recent cryptocurrency ventures.
Following the launch of a similar debit card by a rival exchange, Coinbase, in the summer, FTX first made plans to launch its own in January.
“Even though values have come down there’s still steady interest in crypto,” Visa Chief Financial Officer Vasant Prabhu told CNBC.
Cryptocurrency payments have been a slow-burning phenomenon since the introduction of digital assets more than ten years ago. Retailers have been troubled by price volatility and a lack of interest in scaling solutions like the Lightning Network, but accounting company Deloitte predicts that will soon change, with 75% of merchants accepting cryptocurrencies over the next two years.