In the next few days, the Binance card, the cryptocurrency debit card of the famous exchange.
Initially it will be available only to residents of European countries belonging to the EEA (European Economic Area), and it will be possible to start requesting it from August. Subsequently, it will also be available in the United Kingdom, while users from other countries can register and submit a report of interest on the card's official website.
It will be broadcast through Swipe, currently available in 31 EEA countries, including Germany, France, Italy and Spain. Swipe also appears to be planning to land in the US after completing all necessary registrations and obtaining all licenses.
Binance card will work like a traditional debit card and it will be rechargeable with cryptocurrencies directly from the exchange's wallet location.
It will also not require users to manually convert cryptocurrencies into fiat currencies before they can be used as the conversion will be automatic. It will also be possible to choose the order of preference of the cryptocurrencies from which the card will automatically extract for the fiduciary conversion.
Swipe will allow users to store cryptocurrencies in the card wallet and only convert them to fiat currencies when required by a transaction.
Binance debit card compatible currencies
At launch, it will only support four cryptocurrencies:
- Bitcoin (BTC),
- Binance Coin (BNB),
- the stablecoin BUSD,
- Swipe's token (SXP).
You can spend it in fiat currency at more than 60 million companies in 200 countries.
Next month is also planned launch virtual card, which will be available to users who have been assigned a key Binance account manager.
Binance CEO, Changpeng Zhao, said:
“By providing a tangible way to transact, convert, and spend cryptocurrencies for everyday use, we are advancing our mission to make cryptocurrencies more accessible to the masses. Giving users the ability to convert and spend their cryptocurrencies directly with merchants around the world will make the cryptocurrency experience smoother and more applicable. ”