In the coming days the Binance Card, the cryptocurrency debit card of the famous exchange, will be launched.
Initially it will be available only to residents of European countries belonging to the EEA (European Economic Area), and it will be possible to start applying for it from August. Subsequently it will also be available in the UK, while users from other countries can register and submit a report of interest on the card’s official website.
This will be issued through Swipe, currently available in 31 EEA countries including Germany, France, Italy and Spain. Swipe also appears to be planning to land in the USA after completing all necessary registrations and obtaining all licences.
Binance Card will work like a traditional debit card, and will be reloadable with cryptocurrency directly from the exchange’s wallet spot.
It will also not require users to manually convert cryptocurrencies into fiat currencies before they can be used, as the conversion will be automatic. It will also be possible to choose the order of preference of the cryptocurrencies from which the card will automatically draw for fiat conversion.
Swipe will allow users to store cryptocurrencies on the card’s wallet, and only convert them into fiat currencies when required by a transaction.
Currencies supported by Binance debit card
At launch it will only support four cryptocurrencies:
- Bitcoin (BTC),
- Binance Coin (BNB),
- the stablecoin BUSD,
- the token from Swipe (SXP).
You will be able to spend it in fiat currency on over 60 million businesses in 200 countries.
Next month is also planned to launch the virtual card, which will be available to users who have been assigned a Binance Key Account Manager.
Binance CEO Changpeng CZ Zhao said:
“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 crypt experience more seamless and applicable”