Binance, the major cryptocurrency exchange, introduced Binance Card, which can do everything just like a regular payment card does, as it works like a regular debit card issued by the users’ bank, which, in this case, is their Binance.com account.
On March 26, it has been reported by Binance that users can simply top-up their card with funds through the Binance Card App in the form of Bitcoin or BNB. It’s as simple as transferring BNB from one wallet to another.
However, users’ card will then use this balance for their card payments and automatically deduct all expenses from the balance every time they make payment.
The Binance Card is issued by Visa and accepted by more than 46 million merchants offline and online in 200 regions and territories, which makes shopping with crypto easier than ever before.
Also, the Binance Card will help to buy gifts for loved ones, shopping for groceries, or paying Internet bills online.
As per the report, users will no longer need to sell their crypto to pay bills. With the Binance Card, they can keep HODLing, and spend only what they need to make a payment.
Do you want one of these? 💳 Sign up now: Credit card https://t.co/LszTKBM6MH https://t.co/sgLmfK6t2a pic.twitter.com/4wmRiD6A8e — CZ Binance 🔶🔶🔶 (@cz_binance) March 26, 2020
It has been analyzed that the Binance Card is currently available as a virtual card in a Beta version, with a physical card coming shortly.
The report states:
“We’re currently releasing the Binance Card in a beta version, and we aim to make it available globally to all new and existing Binance users within the next few weeks. We will initially release the card in Malaysia, then follow with Vietnam, and add more countries as we move forward.”
Likewise, the report continues by adding:
“You can register interest in Binance Card through the landing page, and we will notify you once the card becomes available in your region. All you need to do then is download the Binance Card App, log in to your Binance account or register a new one, and complete simple and secure identity verification. Then you can order the card for a one-time cost of 15 USD, which is payable in the form of initial top-up from your crypto wallet to the Binance Card balance. You just transfer 15 USD worth of BNB or BTC to your card balance, and we’ll process your order. We don’t charge any monthly or annual fees.”
While asking how can a user use the card once it arrives, the report says:
“All you need to use and control your card comes within the interface of one app. The Binance Card App allows you to manage your funds, card security, and spending with only a few taps. Once your new card arrives, you need to load it with funds. Just transfer Bitcoin or BNB from your Binance.com wallet to the Binance Card wallet, and you’re ready to go.”
Thus, the Binance Card App will be available soon.