This was perhaps the worst-kept secret of recent weeks: Binance’s arrival into the world of crypto payment cards. After some cleverly orchestrated leaks, we were able to learn a few days ago that the leader of exchanges was acquiring Swipe, a company specialising in payment by physical card via a fiat-cryptocurrency gateway. This is a marriage that will soon bear fruit, since we have now officially learned of the European release of the Binance Card in a few weeks.
LONDON, 14th July 2020 – Binance, the global blockchain company behind the world’s largest digital asset exchange, today announced the official rollout of its Binance Card in Europe and the United Kingdom (UK), enabling users to convert and spend their BTC, BNB, SXP and BUSD to fiat at over 60 million merchants across 200 regions and territories worldwide. Unlike most crypto cards, which are actually only prepaid cards that require users to manually convert their crypto into fiduciary currency, then reload their card before using it for transactions, the Binance Card works like your traditional debit card.
Unlike the majority of crypto cards, which are prepaid cards that require users to convert their crypto to fiat currency manually and top up their card before using it for transactions, the Binance Card works like your traditional debit card.
Powered by Swipe’s platform, the Binance Card enables digital assets to remain in their native form until a point-of-sale transaction occurs, allowing Binance Cardholders to convert and transact with cryptocurrencies in more than 60 million locations around the world seamlessly.
Binance Card users will be able to recharge their Card Wallet directly from their Binance Spot Wallet and choose which order of preference to debit their BTC, BNB, SXP and BUSD assets.
The Swipe platform will enable these users to keep their cryptocurrency in native form on their Card Wallet and only convert them to fiat currencies when a transaction is presented. This creates a frictionless user experience with just a “swipe” of their Binance Card for both online and offline merchants.
CZ, Binance’s boss, made no secret of the fact that among the platform’s many projects, the Binance Card was particularly close to his heart.
“By providing a tangible way to transact, convert and spend crypto for everyday use, we are furthering our mission of making crypto more accessible to the masses. Giving users the ability to convert and spend their crypto directly with merchants around the world, will make the crypto experience more seamless and applicable. We are looking forward to making the Binance Card available to users in other regions, as well as introducing new features to enhance the Binance Card experience through our partnership with Swipe.”
Changpeng Zhao (CZ), CEO of Binance
As for the man in charge of the integration of this new service, he also found it difficult to hide his satisfaction:
“We are delighted to finally get the Binance Card into our users’ hands, so they can start utilising their crypto in their day-to-day lives. We see this product as a critical component within our ecosystem of services. Binance is on a journey to create an open digital financial ecosystem for everyone, banked or unbanked.”
Josh Goodbody, Director of European Growth at Binance
From August, Binance users based in the European Economic Area (EEA) will be able to apply for a Binance card, UK users will follow soon after.
Users in areas where the Binance Card is not yet available can express interest on Binance’s form.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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