Binance’s Crypto Debit Card To Debut In Europe
- Powered by Swipe, the new Binance Card will have the ability to convert cryptocurrencies into fiat at the point of sale.
- Once rolled out, the card will support a total of four cryptocurrencies, and will be accepted at over 60 million merchants.
Binance CEO Changpeng Zhao. CoinDesk
The highly anticipated Binance crypto debit card will first debut in the European Economic Area (EEA), where it will allow users to pay for goods and services in cryptocurrency, the firm said in a press release on 14 July.
According to the announcement, users based in the EEA will have the opportunity to apply for a Binance Card starting August, while users in the United Kingdom will have the option in the near future. The firm has also invited users from regions where the card is still not available to “register their interest” on the Binance Card website.
Binance’s CEO, Changpeng Zhao (CZ), said in a statement:
“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. We are looking forward to making the Binance Card available to users in other regions, as well as introducing new features to enhance the Binance Card experience through our partnership with Swipe.”
At launch, the card will support a total of four cryptocurrencies, them being Bitcoin (BTC), Binance’s native token BNB and stablecoin BUSD, as well as Swipe’s native SXP token. The card will enable its users to determine in what order of preference to debit their BTC, BNB, BUSD and SXP assets, and will also allow them to recharge their card wallet using their Binance spot wallet. The firm has further claimed that once rolled out, the card will be accepted at over 60 million merchants, across 200 regions and territories.
The company has pointed out that Binance Card is powered by the Swipe platform, which enables it to work as a normal debit card, and only convert its cryptocurrency into local fiat at the point of sale, meaning users will not be required to manually convert crypto to fiat. Last week Binance acquired Swipe, which is currently available in 31 countries within the EEA, some of them being France, Germany, Italy and Spain.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.