After revealing its plans to enter the cryptocurrency debit card segment last week, Binance has officially debuted its Binance Card for users based in the United Kingdom and European countries, the blockchain behemoth told CryptoPotato on Tuesday.
According to the release, the debit card allows holders to make crypto payments at more than 60 million merchants across 200 regions globally. Users will also be able to convert their crypto assets to fiat with ease.
At launch, the Binance card will support four cryptocurrencies, including Bitcoin (BTC), Binance’s native token BNB, Swipe (SXP), and Binance USD-pegged stablecoin BUSD. Holders of the card will be able to fund their card wallet directly from their Binance spot wallet.
Application Starts August
Interested users within the European Economic Area will be able to apply for the Binance Card starting from August, while UK-based users will follow shortly after. As for users in other territories, the company said they could register their interest via its website.
Binance claims its Bitcoin card works like a regular debit card, unlike competitive products that are prepaid and require users to convert their crypto assets to fiat manually before making payments or transactions.
Promoting Crypto Adoption
Speaking on the development, Binance CEO Changpeng Zhao (CZ) noted that the move would boost the mass adoption of cryptocurrencies while making it easy for people to use crypto.
“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 crypto experience more seamless and applicable,” he said.
Binance Acquires Swipe
The Binance card is powered by Swipe, a Visa debit card platform that was officially acquired by Binance for an undisclosed amount last week. Both firms plan to work together to bridge the gap between fiat and cryptocurrencies to further promote the mainstream adoption of digital currencies.
Following the acquisition, the crypto exchange listed Swipe’s native cryptocurrency (SXP) for trading. The token is also one of the cryptocurrencies that will be available on the upcoming card.
“We are looking forward to making the Binance Card available to users in other regions, as well as introducing new features to enhance the Binance Card experience through our partnership with Swipe,” CZ concluded.