Binance Card, the crypto debit card of Binance exchange, has been launched in the EEA (European Economic Area) countries. Beginning August, users residing in that region will be able to submit an application for a Binance Card.
While the UK residents will start receiving the service soon, users in other zones are encouraged to “register their interest” through the official site of Binance Card.
It is a known fact that Swipe is already available in 31 countries in the EEA, including Germany, Spain, France and Italy. Currently, the card is not offered in the US.
However, the company intends to roll out the facility soon after concluding requisite registration and licensing procedures.
Binance Card will back four cryptos at the time of roll out. That obviously includes Swipte’s native crypto SXP token, in addition to Bitcoin (BTC), Binance USD (BUSD) and Binance’ stablecoin BUSD and native crypto BNB.
The Binance Card launch will permit users to exchange crptos to fiat on a real time basis and use it in more than 60 million vendors throughout 200 regions.
Binance stressed that its card will fundamentally function like a conventional debit card and will not necessitate users to manually exchange crypto for fiat before commencing a transaction.
Users of Binance card will be able to load their card wallet straightaway from their spot wallet provided by Binance platform, and also select the order of priority in debiting the BNB, SXP, BTC and BUSD tokens. Joselito Lizarondo, Swipe CEO detailed:
“For example, 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.”
The Swipe platform facilitates users to hold their cryptos on their card wallet and enable them to exchange to fiat currencies at the time of commencing a transaction.
Binance CEO Changpeng Zhao stated that Binance Card will foster the mainstream adoption of cryptocurrency across the globe:
“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.”
A week earlier, Zhao practically showed the way of transacting with Binance Card, ensuring that Binance Card will be powered by Swipe. Binance bought Swipe a month back, its second take over deal in 2020.
