Binance card is coming soon with the ability to transact with four cryptocurrencies immediately.
The Binance card is a product of Binance exchange. Already, many cannot wait for its arrival. It will be unveiled in the EEA (European Economic Area) countries soon.
According to Binance, residents in the countries under EEA can start requesting for their Binance cards from next month. After EEA has been covered, the U.K. will be the next to benefit. If there are other Binance users that want the card, they would have to inform Binance about it through their website.
There are 31 countries in the EEA currently benefiting from Swipe’s services. These countries include France, Italy, Spain and others in the EEA. Although U.S. residents are yet to get Swipe’s services, they have been asked to hold on a little longer as preparations are under way to storm the country.
Starting with four cryptocurrencies
The announcement says that the card will start with four cryptocurrencies. They are Bitcoin, the SXP token from Swipe, BNB token from Binance, and Binance USD stable coin (BUSD).
Card holders will be able to convert their cryptos to fiat currencies as soon as users are able to lay their hands on it. There are already more than 60 million merchants in 200 localities waiting to receive orders.
Binance intends that users of the card will be able to spend from it even before converting the crypto to fiat. It is meant to be like other debit cards.
To reload the card, users will be able to do so from their Binance wallet. They can reload the card in all four cryptos and decide the order in which they are to be spent from the card.
The CEO of Swipe, Joselito Lizarondo, gave this illustration: “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 is there to help users to save their cryptos on their card wallet and change them to physical money when doing a transaction.
Changpeng Zhao, the CEO of Binance, is optimistic that the release of this card will contribute to the acceptance of crypto globally. He 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 crypt experience more seamless and applicable.”
Zhao first used the card last week to illustrate how it works. It was at the illustration that he confirmed Swipe’s contribution to it. Swipe is now a part of Binance after it was bought few days ago. This is the second acquisition Binance has made this year.