FTX cryptocurrency exchange on Friday Announced its partnership with Visa Inc., to continue expanding its crypto debit card launches. CNBC media first reported on the matter.

The partnership will see the exchange launch crypto debit cards in 40 countries, with a focus on Latin America, Europe, and Asia. FTX targets Latin American countries first, followed by European nations before the end of the year and Asian countries next year.

According to the report, the cards will be linked directly to a customer’s FTX crypto investment account. The move allows users to spend virtual assets without taking the funds out of the exchange, “just like you would with any bank account,” Visa CFO Vasant Prabhu explained. The executive acknowledged that “despite values ​​being down, there is still consistent interest in cryptocurrencies.”

In other words, the card is linked to an FTX account and can be used at 92 million merchants worldwide where Visa is accepted, allowing users to spend up to 90% of the fiat value of their digital assets. “This card allows users to use their FTX crypto balances 24 hours a day, 365 days a year securely and with no administrative or processing fees,” said FTX CEO Sam Bankman-Fried. it’s a statement.

The announcement comes nine months after FTX launched its crypto debit cards in the US after rival exchange Coinbase introduced its Visa debit card in June last year.

Even though crypto assets are a volatile investment today, card companies including Visa Inc. and Mastercard Inc. are bet crypto will be used routinely for everyday purchases like food, clothing, plane tickets, and others. These companies therefore do not want to be left behind when such adoption occurs.

Users can now make payments with cryptocurrencies linked to Mastercard and Visa cards provided by major fintech companies. These efforts mark an important return point whereby traditional payment networks enable settlement payments in assets beyond what most consider to be major currencies.

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