Arguably the largest crypto exchange, Binance has announced the launch of its Binance Crypto Debit Card that enables users to pay for goods and services with crypto in Europe and the United Kingdom.
According to an announcement on July 14, the highly-anticipated Binance Crypto Debit Card will allow the exchange’s users to spend their coins around the world.
The announcement further stated that users from the European Economic Area (EEA) would be able to apply for a Binance Card starting in August. Noting that users in the UK would follow suit shortly thereafter. It also urged users in other regions to “register their interest” via the Binance Card website.
“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,” he added.
Zhao further noted that the exchange was making plans to make the crypto debit card more accessible in other regions. And also introduce new features in the nearest future on the platform.
Binance crypto debit card powered by Swipe
Swipe powers the new crypto debit card, Binance newly acquired crypto card that enables users to spend crypto at any outlet that accepts Visa payments.
Binance Crypto Debit Card at the moment of launch, according to the platform, will only support four cryptocurrencies. Namely, Bitcoin (BTC), Swipe’s native token (SXP), Binance’s native token (BNB), and Binance USD (BUSD).
Currently, Swipe is available in 31 countries within the EEA, including France, Germany, Italy, and Spain, amongst several others. And the new card can be used at over 60 million merchants across 200 regions and territories worldwide.
Additionally, Binance emphasized that the Crypto Debit Card will essentially function like a traditional debit card. And will not require users to convert crypto to fiat before making a purchase. Notably, manually, Swipe platform will also allow users to store their digital assets on their card wallet and only convert them to fiat currencies when a transaction is taking place.
Binance celebrates 1 Billion USD Milestone
Binance has been recording significant achievements in its pursuit to create an open digital financial ecosystem for everyone, banked or unbanked.
Notably, the exchange has announced Binance USD (BUSD), the official US dollar-denominated stablecoin of Binance, has hit 1 billion USD in purchase volume just 260 days after it launched.
“Reaching the 1 billion mark for minting or tokenizing a stablecoin, especially a USD-denominated one, is a milestone reserved for just a few leading stablecoins,” Binance wrote.