The crypto exchange giant Binance confirmed the partnership with Swipe for its debit card launch in a deleted webpage. The “Binance Card” FAQ section on the exchange’s website reads: “Binance has partnered with Swipe to provide a Card platform for Binance users, as spotted by the crypto news outlet The Block Crypto. The crypto exchange’s plans for a branded card have been in the works since March. In the now-deleted web page, the exchange wrote that Binance Card would enable “real-time” conversion of cryptocurrency to fiat currency to use at merchants globally.
“The transfer will be instant and available for immediate use.”
One of the leading crypto exchanges in the world, Binance, said it would aggregate the value of a card wallet based on the market prices of cryptocurrencies. This aggregated balance will allow users to spend their cryptocurrencies. According to The Block news report, users can transfer funds to their card wallet from their spot wallet based on daily limits, said Binance, adding that the transfer will be instant and available for immediate use. According to the exchange, the crypto card will work globally, as it works with “numerous networks” worldwide.
Binance continues its acquisition spree.
Binance is among the leading crypto exchanges in the world, and it is expanding its horizon each passing day. Over the last few years, Changepeng Zhao led crypto exchange has acquired several crypto and blockchain companies around the world. The crypto exchange also launched its mining pool, which raised eyebrows in the crypto community about the potential centralization of hashpower of the cryptocurrency. Many in the crypto community fear a monopoly of the company in the future. However, the exchange has denied all such claims and stated that they believe in co-existing. Binance has not yet officially announced the partnership with Swipe and has not revealed the features of its card.