Are you in the market for a debit card that lets you use your Bitcoin anywhere just like you would your normal bank payment card? Binance has a solution for you. The Malta-based cryptocurrency exchange has announced the launch of a Beta version of its latest product with the mission of taking crypto mainstream.
Dubbed the Binance Card, the new card will be issued in partnership with Visa and give its users access to more than 46 million shopping points and merchants. Visa is among the leading issuers of payment cards and its partnership with Binance is expected to make it easier to spend cryptocurrency without having to undergo the inconvenience of converting your virtual assets.
Binance made the announcement on Thursday through a blog post stating that the new Binance Card will be released in Beta version first in the Asia country of Malaysia before expanding to Vietnam shortly after. According to the announcement, the card will be rolled out to the global population over the coming months with the intention of having the product available to every use of the Binance platform. As of launch time, two currencies are supported which are bitcoin [BTC] and Binance’s native platform token Binance coin [BNB].
“The Binance Card does everything a regular payment card does, plus much more. It works like a regular debit card issued by your bank – which, in this case, is your Binance.com account. You simply top-up your card with funds through the Binance Card App in the form of Bitcoin or BNB, and you’re ready to go. It’s as simple as transferring BNB from one wallet to another. Your card will then use this balance for your card payments and automatically deduct all expenses from the balance every time you make payment,” Binance explained.
Binance also announced the complimentary Binance Card App which will be used in conjunction with the card to provide an interface to manage your account. The Binance Card will initially be used virtually as applicants await the delivery of the physical card. Within this period, the Card App will prove useful but even with the eventual release of the physical card, the App will be essential in managing the card.
Similar to the card, the app is also not available for download as of press time. People who are interested in getting the Binance Card have been provided with a web page in which to submit their details and make an application to be notified of the availability of the card in their jurisdictions.
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