Binance has announced the release of its crypto debit card that allows its clients to pay for goods and services with digital currencies in Europe and the United Kingdom.
According to an official statement on July 14, the Binance Crypto Debit Card will allow the exchange’s users to spend their coins around the globe at over 60 million merchants across 200 regions.
The statement further stated that users from the European Economic Area (EEA) would be able to apply for a Binance Card starting in August. Noting that users in the UK would follow suit shortly after that. The users from other regions can register their interest in the Binance Card via the official website.
Binance CEO Changpeng Zhao(CZ), also explained that the new crypto debit card would favor users and will also increase crypto adoption globally.
According to CZ, the crypto experience becomes more seamless when the users are able to convert and spend their crypto directly with merchants across the globe. He also shared that the exchange is trying to expand its crypto debit card services in other regions of the world too. It also plans to introduce new features in the near future on the platform.
Binance crypto debit card powered by Swipe
The new crypto debit card is powered by Swipe, which was recently acquired by Binance.
The significance of a card escapes many people. It allows people who wants to stay in crypto to stay in crypto, and merchants who need to accept fiat to do so. Bridging two parallel worlds.
No more sell crypto, withdraw fiat, then pay for card.
— CZ Binance (@cz_binance) July 7, 2020
Cardholders can choose to spend their crypto at any outlet that accepts Visa payments. The Binance Card at the moment of launch, according to the platform, will only support four cryptocurrencies. These are:
- Bitcoin (BTC)
- Swipe’s native token (SXP)
- Binance’s native token (BNB)
- Binance USD (BUSD)
Currently, Swipe serves its users across 31 countries within the EEA. These include France, Germany, Italy, Spain, and more. And the new card is accepted at over 60 million merchants across 200 regions and territories worldwide.
Additionally, Binance emphasized that the Crypto Debit Card will essentially function as a traditional debit card. The users will not have to convert crypto to fiat before they make a purchase with a merchant. Notably, the Swipe platform will also allow users to store their digital assets on their card wallet. It will convert the digital assets to fiat currencies only when a transaction takes place.
Binance hits 1 Billion USD Milestone
Binance has been pursuing the path of creating an open digital financial ecosystem and has made notable achievements. Mostly for everyone, banked or unbanked.
The exchange also announced that Binance USD (BUSD) has hit record purchase volumes. According to the official statement, the US dollar-denominated stablecoin of Binance has hit 1 billion USD in purchase volume within 260 days of launch.
This comes across as a major milestone achievement. That’s because the 1 billion USD mark has been achieved only but a few leading stablecoins.
The exchange also attributed achieving the above numbers to the growing acceptance for BUSD in more exchanges. Also, noting that stablecoins plays an important role in transactions. This is because they are less volatile when compared to a typical cryptocurrency.