Leading cryptocurrency exchange platform Binance has finally launched its highly anticipated cryptocurrency debit card Binance Card, according to an announcement. The Binance Card is initially launching for users in the European Economic Area (EEA) as well as for residents in the United Kingdom.
According to the announcement, users in the EEA will be able to start applying and using the Binance Card with the UK residents able to do the same shortly afterward. The Binance Card will be integrated with Swipe, the Philippines-based cryptocurrency payment card processor whose acquisition Binance announced last week.
The Binance Card will be linked directly to a user’s Binance spot wallet enabling them to spend assets on the wallet. As of launch, only four assets will be supported including Bitcoin [BTC], Binance’s native token BNB, Swipe’s native token SXP as well as the Binance Dollar stablecoin [BUSD]. According to Binance, the Card will hold assets in their crypto form well to the point of sale at which point Swipe will be able to support automatic conversions on the spot.
“Powered by Swipe’s platform, the Binance Card enables digital assets to remain in their native form until a point-of-sale transaction occurs, allowing Binance Cardholders to convert and transact with cryptocurrencies in more than 60 million locations around the world seamlessly,” Binance explained in the Tuesday announcement.
Binance’s mission has always been the popularization of cryptocurrency assets and over the past few years since its launch, it more or less has stuck to that mission. The launch of a payment card supporting crypto is one of the most crucial ways to see cryptocurrencies become more utilitarian across the world. In a statement, Binance’s CEO Changpeng Zhao reiterated this mission saying that 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.”
“We are delighted to finally get the Binance Card into our users’ hands, so they can start utilizing their crypto in their day-to-day lives,” Josh Goodbody, the exchange’s Director in charge of European Growth said. “We see this product as a critical component within our ecosystem of services.” Goodbody also noted that “Binance is on a journey to create an open digital financial ecosystem for everyone, banked or unbanked.”
The Binance Card landing page is currently allowing individuals to express their interest to receive the card once it’s available in their jurisdictions.
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