A cryptocurrency derivatives platform has launched a debit card available to U.S. residents.
FTX.US launched an FTX Card powered by Swipe. With this card, users can pay for goods and services using their FTX U.S. account balances.
“For now, the FTX Card is only available on FTX US, and only to US residents with an SSN. However, we are anticipating being able to expand availability over time, including to US Blockfolio users.”
How the card works
Per the tweet posted by the exchange, U.S. residents can now sign up for the card. The exchange is only issuing virtual cards at the moment.
Live, in the US.
— FTX US (@ftx_us) March 17, 2021
Just like a physical card, users will get a card number, expiration date, and CVV, which can then be used to make online purchases.
The platform said that it intends to issue physical cards over the coming few months and those who sign up for a virtual card will automatically be eligible to get a physical card when the exchange starts issuing them.
To make purchases with the virtual card, funds will be deducted from the users’ balances.
“When you purchase something with your FTX card, FTX US will deduct that amount of funds from your balance. If you do not have USD, FTX US will CONVERT your other coins to fund the purchase.”
FTX founder and CEO Sam Bankman-Fried released a Twitter thread explaining how crypto “doesn’t interface with the rest of the world.”
Crypto is out of touch with the world
Bankman-Fried, who is also the founder of Alameda Research, said that it is easy to move your crypto between exchanges and wallets.
However, people get stuck when they want to pay for goods and services, and he gave an example of buying a loaf of bread with crypto.
He added that users have to convert their crypto into fiat before making the purchase.
4) And there’s no BREAD/BTC pair. Or maybe there is, but it’s unfortunately a foodcoin, not actual food.
So you’re stuck using the old system.
And even worse you have to get money back into it.
BTC –> USDT –> USD –> wire out –> wait a day –> payment processor.
— SBF (@SBF_Alameda) March 17, 2021
The chief executive hints that the FTX card simplifies the crypto payment process.
In recent times, a number of exchanges and wallets have begun offering cards to their clients.
Crypto card wars
Binance launched its Visa-powered card that allows users to spend and convert their cryptocurrencies at more than 60 million merchants worldwide.
Crypto wallet Crypto.com and cryptocurrency exchanges Gemini and Coinbase have launched their own cards.
Early this month, FTX introduced a feature that allows users to top up their trading accounts using PayPal.