• FTX and Nexo are planning to launch crypto debit cards

  • Debit cards are growing more popular among cryptocurrency users. Coinbase and Crypto.com cards, among others, are already available in the market. As stated today, the American crypto derivatives exchange FTX is the next in line to offer its customers a Visa card. FTX customers can now apply for the card by joining a waiting list.

    To begin, only US citizens with a valid social security number will be allowed to obtain the FTX card. The notice makes no mention of when the cards will be delivered to FTX consumers.

    Maintain crypto as crypto.

    The Visa card, according to FTX’s website, would allow customers to use their crypto saved within their FTX account to be automatically swapped for the exact amount at the point of sale, allowing consumers to keep “crypto as crypto.” In addition, FTX will “guard all user funds.” The FTX Visa Card will be free of charge, and there will be no administrative or processing costs.

    Several cryptocurrency businesses, including Binance, Bakkt, BlockFi, CryptoSpend, and Ledger, have already received Visa approval for crypto-backed payment systems.

    While FTX users can now join a waiting list, Nexo, a European crypto exchange and custodial service, debuted their long-awaited debit card on January 19th. As a payment provider, Nexo has partnered with MasterCard.

    Bitcoin or NEXO cashback

    The payment amount is withdrawn from the user’s Nexo Account available balance, and users can earn up to 2% cashback on all purchases. Cashback is available in bitcoin BTC (0.5%) or the native NEXO currency (2 percent). Before completing a transaction, you can switch between the two options.

    Furthermore, Nexo will not charge fees for up to €20,000 in overseas transactions, and users will receive up to €10,000 in ATM withdrawals per month. The Nexo card is compatible with Apple Pay and Google Pay, and users may generate free virtual cards for secure online purchases.

    Except for users in Bulgaria, the Central African Republic, Cuba, Estonia, Iran, New York State, North Korea, and Syria, the Nexo card is available globally.

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