Binance has announced the first major launch of its Bitcoin debit card, which allows users to pay for goods and services in crypto.
Binance Debit Card
Binance has announced the launch of its crypto debit card in Europe and the UK. Under the name Binance Card, it will enable users of the exchange to issue their Bitcoins and other crypto cards worldwide.
The Binance Card has been in the works for some time and comes just one week after the acquisition of Swipe, a company focused on providing better technology for crypto-debit cards.
Swipe is currently available in 31 countries within the EEA, including countries such as France, Germany, Italy and Spain, to name but a few. Swipe is not yet available in the United States, but the company is reportedly planning to release the service soon after the appropriate licenses and registrations are completed.
„Giving users the ability to convert and output their crypto data directly to merchants around the world will make the crypto experience more seamless and applicable,“ said Binance CEO Changpeng Zhao.
According to the announcement, Binance Card will support a total of four cryptocurrencies at launch. These cryptos include Bitcoin (BTC), Swipe’s native SXP token, and Binance and Stablecoin’s native token BNB, Binance USD (BUSD).
The introduction of the Binance Card will also enable users to immediately convert the cryptos into Fiat and issue them at over 60 million merchants in 200 regions and territories. Binance emphasized that the Binance Card will basically work like a traditional debit card and will not require users to manually convert the cryptos to Fiat before purchase.
Binance Card users will be able to load their card wallet directly from their Binance Spot Exchange and choose the order of preferred debiting of their BTC, NBB, SXP and BUSD balances.
„We see this product as a critical component within our ecosystem of services,“ said Josh Goodbody, Binance’s Director of Growth in Europe, adding, „Binance is on the way to creating an open digital financial ecosystem for everyone, with or without a bank account.
Last week, Zhao demonstrated the first transactions with the Binance Card and therefore officially confirmed that the Binance Card is operated by Swipe. Binance CEO, Changpeng Zhao, said that the Binance Card will make a major contribution to the global adoption of crypto:
„By providing a tangible way to transcribe, convert and issue crypto for everyday use, we are furthering our mission to make crypto more accessible to the masses“.