The Binance cryptocurrency exchange has launched a Binance Card debit card in the European Economic Area (EEA). The card supports BTC, BNB, SXP and BUSD.
Binance management reported that residents of the Eurozone will be able to apply for a card in August. In the near future, citizens of Great Britain will also have such an opportunity. Users from other countries can pre-register for a card through the Binance website, after which they will receive a notification when the Binance Card becomes available in their country. Last week, CEO Binance Chanpen Zhao (Changpeng Zhao) said on Twitter about the successful beta testing Binance Card, made several transactions with online stores using tokens BNB.
I am so excited. I love beta testing products…
All real transactions. Audible/Amzn, Grab (Uber replacement), Lazada (Amzn replacement). Merchants accepts fiat, I paid in #BNB, direct from my Binance account.#Binance Card – I think I can finally go from 99% to 100% crypto. pic.twitter.com/8b60A6Cpui
— CZ Binance (@cz_binance) July 10, 2020
Earlier this month, Binance completed the purchase of a Swipe startup to use its infrastructure to issue payment cards. The Swipe platform allows you to conduct transactions in 31 countries in Europe. However, Swipe is currently unavailable in the US, so the company plans to enter the US market with regulatory approval and the necessary licenses. Initially, the Binance Card will support BTC, SXP and BNB (internal Swipe and Binance tokens), as well as the BUSD stablecoin.
The Binance Card will work like a traditional debit card, and users will not need to manually convert crypto assets into fiat currencies to pay for purchases or services. A person will only need to choose which cryptocurrency he wants to pay.
“Suppose I have bitcoins in the equivalent of 50 euros and the same amount in BNB tokens. If my purchase costs 75 euros, I myself choose which coins should be debited from the purses for the transaction, ”explained Joselito Lizarondo, Swipe CEO, adding that thanks to the Swipe platform, users’s digital currencies will be converted to regular money only when making a payment.
In April, Zhao said that the launch of the Binance Card could cause legal difficulties, since such a card must be agreed upon in each country of issue separately and checked for compliance with local laws.