Binance cryptocurrency exchange has announced the official launch of its much-anticipated cryptocurrency debit card. The Card will enable users to pay over 60 million merchants using crypto across 200 regions.
According to a press statement shared with leading crypto publications, the Card will initially support four cryptocurrencies. The Card is powered by a multi-asset wallet and Visa debit card platform Swipe. The Card will allow users to convert and spend bitcoin, Binance Coin (BNB), Binance’s Stablecoin BUSD, and Swipe’s SXP token.
Seamless and Applicable
The Card comes only one week after Binance acquired Swipe. The company is focused on offering enhanced technology for crypto debit cards. Commenting, Binance founder and CEO Changpeng Zhao said:
“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 crypto experience more seamless and applicable.”
Open Digital Financial Ecosystem
Users from the European Economic Area should be able to apply for the Binance Card beginning August. Their counterparts in the UK will follow soon after that. Zhao added that Binance intends to avail the cards in other regions in the near future, including adding advanced features.
The Swipe platform will enable users to pay using their cryptocurrencies without a hassle. Users will no longer have to convert their crypto into fiat. They will remain in their original form during the transaction. Binance Director for European Growth Josh Goodbody said:
“We see this product as a critical component within our ecosystem of services […] Binance is on a journey to create an open digital financial ecosystem for everyone, banked or unbanked.”
Drivers of Crypto Adoption
Users will be able to store their digital assets as crypto on their debit card wallet. They will only convert them at the instant when the transaction is happening. Binance card users will be able to recharge the card wallet instantly using their spot wallet on Binance. They will be able to choose their order of preference to debit their BTC, BNB, SXP and BUSD assets. Explaining, Swipe CEO Joselito Lizarondo stated:
“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.”
Making cryptocurrencies a vehicle for global means of payment instead of an investment will enhance crypto adoption in Europe. The drivers of crypto adoption are different in economically troubled countries like Zimbabwe, Argentina and Venezuela. In the United States Lawyers are embracing Bitcoin as a means of payment out of convenience. This is evidence that cryptocurrency will eventually overtake fiat due to its anti-fragility.