By Alicia Maher
Customers in limited countries will purchase cryptocurrency debit cards through FTX, an American cryptocurrency DEx, and Nexo, an EU cryptocurrency exchange. Cryptocurrency customers are regularly using debit cards. Coinbase and Crypto.com debit cards, for example, are currently available. FTX, a U.S. cryptocurrency DEx, is the next line to offer its users a Visa card, as stated today.
Customers of the FTX network can now enter a waiting list to apply for the card. To start, only United States citizens with a verified SSN would be eligible for the FTX card. Whenever the cards would be supplied to FTX users isn’t specified in the statement.
FTX and NEXO
Nexo is a platform for immediate crypto loans that allows users to get cash quickly while preserving control of their digital assets. The NEXO token is intended to provide discounts and other perks to the site’s customers. The platform, released in April 2018, aims to promote a prototype in which obtaining cryptocurrency loans is easier achieved than before, with loans available in fiat currency and without the need for credit checks.
Customers typically need to deposit backed cryptocurrency tokens into their Nexo wallet, after which they will receive their cash-based loan instantly.
FTX is a cryptos exchange designed for and by traders. The leveraged tokens offered by FTX are a simple and automatic solution for users to get leverage. The BULL and BEAR tokens regulate their exposures automatically, resetting daily to keep their targeted leverage and avoid liquidations.
Maintain the Anonymity of Cryptocurrency
As per FTX’s website, the Visa card would let customers use their cryptocurrency held in their FTX accounts to become automatically swapped for the actual amount at the POS, letting them maintain their cryptocurrency as cryptocurrency. Every customer’s cash would be protected, says FTX. The FTX Visa Card would be free of charge, and there would be no administrative or transaction costs.
Like BlockFi, Binance, Ledger, CryptoSpend, and Bakkt, numerous cryptocurrency startups have already received Visa approval for cryptocurrency-backed payment systems.
Although FTX currently has a waiting list, Nexo, an EU cryptocurrency exchange and custodial services, debuted their long-awaited debit card on the 19th of January. Like a payment service, Nexo has partnered with MasterCard.
BTC or NEXO Cashback
The amount payable is withdrawn from the customer’s Nexo Account available balance, and customers could earn about 2% cashback on every purchase. Cashback is available in either Bitcoin (0.5%) or NEXO currency (2%). Before completing a transaction, you can switch between the 2 alternatives.
Also, for about €20K in international transactions, Nexo would not be charging a fee, and customers would receive about €10K in ATM withdrawals monthly. Customers can link the Nexo card to their Google Pay and Apple Pay, and they can also generate a free virtual card for secure online transactions. Except for customers in Cuba, Syria, Iran, Bulgaria, New York State, the Central African Republic, Estonia, North Korea, the Nexo card is available globally.