FTX, Nexo to launch crypto debit cards
American crypto derivatives exchange FTX and European crypto exchange Nexo are launching crypto debit cards to customers in selected regions.
Debit cards are becoming increasingly popular among crypto users. Leading the pack, Coinbase and Crypto.com cards, among others, are already in the market. As announced today on, American crypto derivatives exchange FTX is next in line launching a Visa card to its customers. FTX users are now allowed to sign up for the card by joining a waiting list.
To begin with, The FTX card will be available to U.S. citizens with a valid social security number only. The announcement does not disclose when the cards will be shipped to FTX customers.
Keep crypto as crypto
According to FTX’s website the Visa card will allow users to use their crypto held within their FTX account to be automatically exchanged the exact amount at the point of sale, allowing users to keep “crypto as crypto”. FTX will also “protect all user funds. The FTX Visa Card will come at no cost and FTX will not charge any administrative or processing fees.
Visa has previously approved crypto-backed payment solutions for several crypto companies including Binance, Bakkt, BlockFi, CryptoSpend, and Ledger.
While FTX now allows its users to join a waiting list, European crypto exchange and custodial service Nexo launched their long-promised debit card on January 19th. Nexo is partnering with MasterCard as the payment provider.
Cashback in bitcoin or NEXO
The payment amount is deducted from the user’s available balance of the Nexo Account, and users can get up to two percent cashback on all purchases. Cashback can be paid in bitcoin BTC (0.5 percent) or in the native NEXO token (2 percent). The options may be toggled between the two before making a transaction.
Furthermore, Nexo will not charge for foreign transactions for up to €20,000 and users get up to €10,000 in ATM withdrawals per month. The Nexo card may be connected to Apple Pay and Google Pay, and users may create free virtual cards for safe online purchases.
The Nexo card is available worldwide except for users in Bulgaria, The Central African Republic, Cuba, Estonia, Iran, New York State, North Korea and Syria.