- Binance users based in the European Economic Area (EEA) can apply for the card starting in August.
- The Binance Card will work as a traditional debit card with the help of the Swipe platform.
- Binance CEO Changpeng Zhao shared his optimistic view to avail the card in the other parts of the world.
Binance card, Binance’s Swipe-powered crypto debit card is officially launching in the European Economic Area (EEA) and the United Kingdom (UK). The users based in the EEA will be able to apply for the card from August, and the UK will follow thereafter. Binance has confirmed the news on July 14 through an announcement on its blog.
In the announcement, Binance CEO Changpeng Zhao reveals his optimism to make the Binance Card available to the users in other parts of the world. He said,
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“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,”
Binance Card will support four cryptos
According to the blog post, four crypto assets will be available at the launch of the debit card. The assets include Binance Coin (BNB), Swipe’s native token SXP, Binance USD (BUSD) and not to mention Bitcoin (BTC).
Most importantly, the card will work as a traditional debit card. Unlike other crypto cards that “require users to convert crypto to fiat currency manually”, the Binance Card will enable its users to convert the cryptos to fiat instantly. The card can be used at over 60 million merchants across 200 regions and territories around the world.
Binance’s collaboration with Swipe
Earlier this month, Binance partnered with Swipe to launch the crypto debit card. The exchange unveiled this news through an official announcement but soon after it took down the webpage containing the news.
However, Binance Cardholders will be able to recharge their Card Wallet from their Binance Spot Wallet directly where the Swipe platform comes into play, as mentioned in the announcement,
“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.”
To explain, Joselito Lizarondo, the CEO of Swipe gives an example by saying,
“If I have 50 euros in BTC and 50 euros in BNB, if I made a transaction for 75 euros, it would be approved and then it would deduct my crypto in the order I selected.”