Crypto Exchange FTX's Token Surges 7% After Visa Partnership Report

FTT, the native token of crypto exchange FTX, surged 7% after a report that payment giant Visa (V) has partnered with the exchange to roll out crypto debit cards.

The partnership will see the exchange release crypto debit cards in 40 countries with a focus on Latin America, Europe and Asia, according to a CNBC report. FTX CEO Sam Bankman-Fried told CNBC that crypto debit cards can disrupt traditional payment networks.

FTX first announced plans to roll out a debit card in January after rival exchange Coinbase released its own version last summer.

“Even though values have come down there’s still steady interest in crypto,” Visa Chief Financial Officer Vasant Prabhu told CNBC.

Crypto payments have been a slow burner since the inception of digital assets more than 10 years ago. Price volatility and a lack of desire to use scaling solutions like the Lightning Network has perturbed retailers, but accountancy firm Deloitte believes that is soon to change with a prediction that 75% of merchants will accept crypto within the next two years.

At press time, FTT was trading at $25.36. FTX did not immediately respond to CoinDesk's request for comment.

UPDATE (Oct. 7, 2022 11:46 UTC): Updates headline and lead, adds context throughout.