The leading cryptocurrency exchange by volume, Binance, will soon release a cryptocurrency debit card. Dubbed Binance Card, it will allow users to fund it via a designated app and make payments to over 46 million merchants with Bitcoin and BNB.
The popular cryptocurrency exchange announced its newest product earlier today. Binance Card’s mission will be to eliminate the necessity to convert digital assets into fiat to make simple payments:
“No longer will you need to sell your crypto to pay bills. With the Binance Card, you can keep HODLing, and spend only what you need to make a payment.”
Users will be able to fund the card with Bitcoin or Binance Coin (BNB) through a new application called Binance Card App. According to the announcement, it will be as easy to use as “transferring BNB from one wallet to another.” The app will also allow keeping track of spendings and managing funds.
The Binance Card is only available in a virtual beta version, at the time of this writing. However, Binance users can order one from the app, and once the physical card is issued, it will be sent to the customer.
The announcement informed that Binance would not charge any monthly or annual fees. To order the card initially, however, there’s a one-time cost of $15 payable when completing the first top-up from the cryptocurrency wallet to the Binance Card balance.
Binance Card comes after a collaboration with the American multinational finance service giant – Visa. Therefore, more than 46 million online and offline merchants will accept it in 200 regions and territories.
Binance CEO, Changpeng Zhao (CZ), outlined that regular cryptocurrency payments lack in terms of adoption but the innovative card should simplify the process:
“Payments is an obvious use case for crypto, yet adoption is slow. With only 0.1% of people having crypto, merchants have no incentive to accept it. And with few merchants accepting it, less users use it for payments. A chicken and egg problem.
Now by using the Binance Card, merchants continue to receive fiat, and the users pay in any crypto they choose. Problem solved.”- he Tweeted.