Bahamas-based cryptocurrency exchange FTX is launching a Visa debit card that will allow users to spend their balances in digital currencies, with customers able to join a waitlist, according to a CoinDesk report Friday, January 21.
The no-fee FTX Visa debit card offer does not extend to the United States, however, the report said. Crypto balances will be automatically redeemed at the point of sale, meaning users can spend their digital currency just about anywhere Visa is accepted.
An FTX spokesperson did not immediately explain why the card would not be available in the United States, according to the report, adding that FTX will notify users when the FTX Visa debit card becomes available in their regions.
“C2B Crypto Payments [consumer-to-business] merchant acceptance is still nascent today,” according to a recent whitepaper from payments company Nuvei cited in the CoinDesk report. “Crypto merchant payments today represent an estimated annual volume of $6 billion, a tiny fraction of the $10 trillion global C2B e-commerce market.”
Related: Bitcoin’s slide casts doubt on its usefulness for payments
Bitcoin started December at $56,477 and ended 2021 at $47,686. It fell below $38,000 on Friday morning (January 21), down 44% from its November 10 all-time high of $68,789.
Read also : FinTech Save launches the Visa investment card
Meanwhile, savings platform Save on Friday (January 21) launched a card with Visa it calls the first high-yield credit card that offers market returns instead of points or cash back.
The new Save card, slated for release in February, is expected to have the highest return potential of any premium card, with an average return of 6% each year on all purchases with no caps, category restrictions or minimums.
Save card users will have access to benefits that include increased investments and potential returns for purchases made with Save’s favorite brands, including Tesla, Apple, Microsoft, Samsung, Amazon and Peloton.
Clients will keep all of their investment returns less a 7.9% management fee.