Leading cryptocurrency exchange Binance has announced the official rollout of its cryptocurrency debit card, the Binance Card, in Europe and the United Kingdom (UK).
According to a press release shared with CryptoGlobe, the Binance Card will initially support four cryptoassets: bitcoin, Binance Coin (BNB), Binance’s stablecoin BUSD, and Swipe’s SXP token. It will allow users to convert and spend their BTC, BNB, SXP, and BUSD holdings at over 60 million merchants throughout the world.
The press release notes that while the majority of cryptocurrency cards are prepaid cards that require users to convert their crypto to fiat currency manually before topping up their cards and using them for transactions, the Binance Card will keep cryptoassets in their native form until a point-of-sale transaction occurs. Only then will it convert the crypto to fiat.
The Binance Card is powered by Swipe, a cryptocurrency debit card issuer Binance acquired earlier this year for an undisclosed sum. As part of the deal Binance and Swipe listed each other’s native tokens, with Binance adding Swipe’s SXP token to its trading pairs. Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority.
Commenting on the rollout, Binance CEO Changpeng Zhao noted that the exchange is furthering its mission “of making crypto more accessible to the masses,” and added:
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.
Users will be able to top up their Card Wallet’s directly from their Binance exchange wallet, and choose which cryptoasset they want to spend when making a transaction. Zhao hinted the Binance Card will be available in other regions in the future, and will be adding new features.
Binance users based in the European Economic Area (EEA) will be able to apply for a Binance Card in August, with the UK coming shortly after.
Featured image via Pixabay.