Binance’s Crypto Debit Card Powered By Swipe Debuts In Europe
Binance’s Crypto Debit Card Powered By Swipe Debuts In Europe
July 15, 2020
Binance’s Crypto Debit Card Powered By Swipe Debuts In Europe
Binance’s Crypto Debit Card Powered By Swipe Debuts In Europe
July 15, 2020

Binance’s cryptocurrency debit card, Binance Card powered by Swipe is officially debuting in countries of the European Economic Area, or EEA.

On July 14 Binance revealed that that EEA-based users will be able to apply for a Binance Card starting in August.

While the United Kingdom will follow in the near future, users in other regions can “register their interest” via the Binance Card website.

Swipe is currently available in 31 countries within the EEA, including countries like France, Germany, Italy, and Spain, among other.

Although, Swipe is still not yet available in the United States, the firm is planning to release its service soon after completing appropriate licensing and registrations.

ALSO READ :  Brazil To Fine Taxpayers Failing To Declare BTC And Crypto Transactions

Binance Card will support a total of four cryptocurrencies at the launch including:

  • Bitcoin (BTC)
  • Swipe’s native SXP token
  • Binance’s BNB 
  • Binance USD (BUSD)

Binance Card will allow users to instantly convert their cryptos to fiat and spend them at over 60 million merchants across 200 regions and territories. 

Binance Card will work to like that of a traditional debit card as it will not require users to manually convert crypto to fiat before making a purchase.

Users of Binance Card will be now able to recharge their card wallet directly from their spot wallet on Binance as well as choose the order of preference to debit their BTC, BNB, SXP and BUSD assets. 

Swipe CEO Joselito Lizarondo explains on this:

“For example, if I have 50 euros in BTC and 50 euros in BNB, if I made a transaction for 75 euros, it would be approved and then it would deduct my crypto in the order I selected.” 

Swipe platform will enable users to store their cryptocurrency on their card wallet. It will only convert them to fiat currencies when a transaction is taking place.

ALSO READ :  Binance adds debit, credit card to buy cryptos

Binance CEO Changpeng Zhao added:

“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 crypt experience more seamless and applicable.”

Last week, Zhao demonstrated the first Binance Card transactions while officially confirming that Binance Card will be powered by Swipe.

Source: Cointelegraph | Image Credit: Binance


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