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.
Introducing #Binance Card powered by #Swipe Issuing. $SXP will be one of 4 cryptos supported and all Binance Card transaction fees will be paid in $SXP Swipe Issuing is a Card-as-a-Service platform with more details to be announced at a later date. https://t.co/61eYNa5x9g — Swipe (@SwipeWallet) July 14, 2020
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.
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.
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.
I am so excited. I love beta testing products… All real transactions. Audible/Amzn, Grab (Uber replacement), Lazada (Amzn replacement). Merchants accepts fiat, I paid in #BNB, direct from my Binance account.#Binance Card – I think I can finally go from 99% to 100% crypto. pic.twitter.com/8b60A6Cpui — CZ Binance (@cz_binance) July 10, 2020
Source: Cointelegraph | Image Credit: Binance