On August 31, it has been reported that Swipe representatives said that USD checking accounts will be enabled on the platform through a partnership with Evolve Bank & Trust, a banking institution operating in the United States.
However, Swipe users will be able to directly deposit their paychecks into these newly available accounts from Evolve Bank & Trust, and then use those funds to buy and sell supported cryptocurrencies on-demand.
The executives said that the accounts will include Federal Deposit Insurance Corporation insurance up to applicable limits.
Binance-owned crypto debit card provider @SwipeWallet will soon expand to the U.S., bringing @Binance Card to a new market https://t.co/Ecq3jwgUTB — Cointelegraph (@Cointelegraph) August 31, 2020
While further information about Binance Card could not be disclosed at the current stage, this new development seems to bring the card closer to the US market.
A spokesperson for Swipe said:
“Everything Swipe offers becomes available for Binance Card.”
The person noted that the new feature is expected to be available “in [the] next few weeks.”
Thus, Binance acquired Swipe in early July 2020 in order to focus on crypto debit cards, as shortly after the companies announced the acquisition on July 6, Binance Card officially debuted in countries within the European Economic Area (EEA) on July 14.