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.”
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.”
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.
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 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.
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