Crypto exchange giant Binance revealed that its Binance Visa Card is now available for use throughout the European Economic Area, as per a release. The rollout was initially announced in July this year. Crypto cards allow users to preload their accounts using supported cryptocurrencies, which are then converted to fiat and deducted from the balance during the time of payment at a retail location. In Binance’s case, the money is taken directly from the user’s trading account.
Crypto debit card works like a traditional debit card.
Binance revealed in the announcement that powered by Swipe works like your traditional debit card. But instead of fiat, you’ll be holding digital assets, such as BTC, BNB, SXP, and BUSD. Your card is linked to a Card Wallet within your account, and you can replenish this wallet with funds stored in your Spot Wallet, Binance added. The cards are issued by Swipe, the crypto card company that Binance acquired in July earlier this year, and they operate on the payments network of international payment processor Visa. This allows users to use their cards in over 60 million retail locations worldwide or any business that accepts VISA.
Binance plans to roll out the crypto in the USA.
As reported earlier, the Binance card powered by 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. 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.