The world's largest exchange has unveiled the Binance Card, which is basically a debit card issued by Visa that will allow users to buy online or make payments with cryptocurrencies from anywhere in the world. The card is directly connected to a user's Binance account.
Undoubtedly, this is a great step towards fostering the adoption of cryptocurrencies by facilitating the use of cryptocurrencies for everyday purchases and bill settlement.
Online shopping and easy payments with the Binance card
Binance announced the news in a blog post on Thursday (March 26, 2020), saying that users can now make regular payments using their new Binance card. Users should only pre-load their cards with Bitcoin (BTC) or Binance Coin (BNB) through the Binance Card app. The card will automatically deduct all payments or purchase expenses from the balance each time a payment is made.
The Binance card is accepted by more than 46 merchants in 200 regions around the world, both offline and online. With this card, users don't have to sell their cryptocurrencies to make payments, as they can effortlessly spend the amount they want while HODL keeps the rest of their cryptocurrencies.
The Binance Card is issued by Visa and accepted by more than 46 million merchants in 200 regions and territories, which makes shopping with crypto easier than ever before. https://t.co/txKtfo5OBz
– Binance (@binance) March 26, 2020
At the moment, the card is only available as a virtual card in the Beta version and will be available to all interested Binance users in the coming weeks. Binance will launch the card first in Malaysia in early April, then in Vietnam.
More countries will be added soon after, as the exchange aims to make the debit card available to users globally. Also, the physical version of the card will be available soon, as well as the addition of other cryptocurrencies.
The Binance card already has its application
Those interested in the Binance Card must register on the Binance landing page, after which they will receive notifications once the card is available in their respective countries. To order the card, interested users will pay a one-time fee of $ 15 in BNB or BTC and there will be no monthly or annual fees.
The exchange has also launched the Binance Card app for the card on both iOS and Android. After downloading this application, users will be required to log in to their Binance accounts by completing a simple verification procedure. The app allows users to track their spending, change the pin associated with the debit card, as well as spend their cryptocurrencies with no hassle.
Binance CEO Changpeng Zhao reiterated the exchange's mission to drive mass adoption of cryptocurrencies by creating a win-win situation for both merchants and users.
Let there be #adoption.
– CZ Binance 🔶🔶🔶 (@cz_binance) March 26, 2020