- This partnership will allegedly see Binance become the majority shareholder in Swipe.
- According to Binance, its card would work like regular debit cards but would have extra features.
- Binance Card will reportedly allow the real-time conversion of crypto to fiat on the card wallet.
Binance, a leading crypto exchange has confirmed that it has collaborated with Swipe to launch its debit card. The exchange reportedly unveiled this news on July 2 through an official announcement on its website. However, the exchange took down the webpage containing this news soon afterward.
According to the cached version of the Binance Card FAQ on the exchange’s website,
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“Binance has partnered with Swipe to provide a Card platform for Binance users. The issuer will be a financial institution that is identified on your Cardholder agreement depending on your region. Each region will have its own card issuer.”
This news comes after a report in the past week revealed that Binance was in the process of finalizing a deal that would see it become the majority shareholder in Swipe. However, a Binance representative declined to comment on this development. The exchange’s spokesperson also refused to comment on this news earlier today.
Plans to roll out Binance Card have been underway since April
Binance first announced plans to launch Binance Card through a blog post on April 1 this year. Per the publication, Binance Card would function just like the regular debit card. However, the card would have additional features.
Providing a quick outline of how the card would work, the exchange noted that,
“You simply top-up your card with funds through the Binance Card App in the form of Bitcoin or BNB, and you’re ready to go. It’s as simple as transferring BNB from one wallet to another. Your card will then use this balance for your card payments and automatically deduct all expenses from the balance every time you make payment.”
Binance added that the card will be accepted by more than 46 million merchants offline and online in 200 regions and territories. As such, it would make shopping with crypto easier.
Further explaining how the card would work, Binance said,
“Binance Card enables real time cryptocurrency to fiat currency conversion to use at merchants globally. Binance will aggregate the value of your Card Wallet based on the market prices of your cryptocurrency. This aggregated balance will be displayed in the currency that the card is in (eg: Euros). When you use your Card, this Card Wallet Balance will be your spending power.”
In the cached version of the now-deleted FAQ section of the Binance Card, the exchange noted users will be able to transfer funds from their card wallet to their spot wallet based on daily limits. The exchange further cited that the transfers would be instant and that transferred funds would be available for use immediately.
Do you think Binance’s decision to launch Binance Card in partnership with Swipe will help usher the existing Swipe user into the crypto movement? Share your thoughts in the comment section below.