The newly launched cryptocurrency debit card, Binance Card, powered by Binance and the Binance-owned crypto commerce company Swipe, could soon enter the United States. This is all thanks to a new partnership that unlocks direct USD deposits for users in the country. Swipe representatives revealed that USD checking accounts would be enabled on the platform through a partnership with Evolve Bank & Trust, which is a banking institution operating in the United States.
The new accounts will include Federal Deposit Insurance Corporation insurance.
Swipe users will be able to directly deposit their paychecks into the newly available accounts from Evolve Bank & Trust. Users can use those funds to buy and sell supported cryptocurrencies on-demand. The accounts will include Federal Deposit Insurance Corporation insurance up to applicable limits, the execs said. The company did not disclose all the information about entering the US market at this stage. The crypto exchange giant Binance has acquired several blockchain and crypto businesses all around the world to expand its global reach in the past few years.
Binance acquired Swipe to launch crypto debit cards.
Binance’s highly-anticipated crypto debit card, Binance Card, was launched in the European Economic Area or EEA countries in July. While the United Kingdom will follow soon, users in other regions are invited to “register their interest” via the Binance Card website, the firm had said. Swipe is currently available in 31 countries within the EEA, including countries like France, Germany, Italy, and Spain. However, Swipe will now also be available in the United States, but the firm is reportedly planning to release the service soon after completing concerned licensing and registrations, Sahil Kohli reported. The Binance Card will support a total of four digital currencies at the launch; Bitcoin, SXP, Swipe’s native token, and Binance’s native token BNB and stablecoin, BUSD.