Nexo And FTX Will Launch Crypto Debit Cards: Report

Nexo and FTX will launch crypto debit cards to customers in selected regions as we are reading more in today’s latest cryptocurrency news.

Debit cards are becoming popular among crypto users. Coinbase and Crypto.com cards are already on the market but now Nexo and FTX will launch their own as well. FTX users allow users to sign up for the card by joining the waiting list. The FTX card will be available to US citizens with a valid social security number only and this announcement doesn’t disclose when the cards will get shipped to the FTX customers. According to the FTX website, the Visa card will allow the users to use their crypto held in their FTX accounts to be automatically exchanged to the exact amount at the point of sale and will allow users to keep crypto as crypto. FTX will protect the users’ funds and the Visa card will come at no cost so the FTX exchange won’t charge any administrative or processing fees.

Visa approved crypto-backed payment solutions for crypto companies including Bakkt, BlockFi, Binance, Cryptospend, and Ledger. While FTX allows the users to join a waiting list, the EU crypto exchange and custodial service NEXO launched its own debit card and also partnered with MasterCard to be its payment provider. The payment amount is deducted from the users’ balance on the Nexo account and the users can get up to two percent cashback on the purchases.
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Cashback can be paid in BTC or the Nexo token. The options could be toggled between the two making a transaction.

Nexo will not charge for foreign transactions of up to $20,000 and users get up to $10,000 in ATM withdrawals per month. The Nexo card could be connected to Apple Pay and Google Pay so the user can create free virtual cards for safer online purhcases. The Nexo card is available worldwide except in Bulgaria, Cuba, Estonia, Iran, North Korea, Syria, the Central African Republic, and New York State.

As recently reported, The lending platform Nexo selected Bakkt to be its partner and custody a portion of the Bitcoin and Ethereum holdings in the Bakkt Warehouse. The Warehouse comprises both online and offline digital asset storage and the company balances between the two tiers to minimize the risks associated with crypto custody services.