- Crypto exchange Binance has recently announced its own cryptocurrency debit card.
- The card is still in Beta, and it exists in virtual form, but the physical form will arrive shortly.
- Binance claims that the card will operate like any other, and after users store funds in Binance Card app, they will be ready to use it anywhere.
While the crypto industry is struggling to maintain stability, cryptocurrency exchange, Binance, made a new move to push adoption. The exchange announced yesterday that it is issuing its own crypto debit card, called Binance Card.
The announcement points out that it is not easy for crypto users to pay bills or even shop online. Of course, there are services that do accept digital currencies. There are even services that act as intermediaries between shoppers and shops, who take the users’ coins and then pay with their own fiat money for the goods.
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However, these processes are long, complex, and can be rather expensive. This is why Binance now decided to introduce an alternative — a debit card, called as Binance Card.
What can Binance Card do?
The announcement continues to explain how the card will work, stressing that it can do everything that a regular card does — and more. Users will receive Binance Card App, which they can fill with Bitcoin or Binance Coin. After that, they are ready to start spending money.
The card connects to the user’s wallet, and making a payment is as simple as transferring coins from one wallet to another. When the user makes a payment, the app will deduct the amount from the balance.
Crypto users will be able to use the card anywhere
The card itself was created by Visa, which means that the users can use it at over 46 million merchants, whether offline or online. Users can make payments in over 200 regions and territories, and it makes shopping with cryptocurrencies easier than ever.
Binance continues to point out that users will no longer have to sell their coins in order to pay bills. From now on, users can pay bills, or purchase gifts and groceries with a single card, instantly.
At this time, the card is only available as a virtual card, and it is still in Beta. However, Binance claims that the physical version will arrive shortly, as well. It should be available globally within a few weeks, and users will have the ability to order it for only $15. Users can pay this price in the form of initial top-up from their crypto wallet to the Binance Card balance.