Global crypto exchange firm, Binance is believed to be working on launching another product soon, Binance payment card. This is believed to be as the exchange giants are finalizing a deal to take over a major stake in Swipe.io, a crypto startup with already existing plans to launch a payment card.
Swipe provides crypto banking services with its wallet enabling users’ get multi-asset digital applications with access to all of its features upon verification. The startup offers multi-asset, trading, exchange, and swipe card services to its users’.
With the global exchange giants becoming a major shareholder in the startup, Binance can forge ahead with plans for a branded Binance payment card. However, Binance is yet to say anything about the deal; neither has Swipe.
Plans for Binance payment card since March
The plan for the Binance payment card has been underway since March. Then, Binance announced that the card launched in the beta version (virtual card) does everything a regular payment card does, plus much more.
Issued by Visa, Binance claimed over 46 million merchants accepted the card in 200 regions and territories, which makes shopping with crypto easier than ever before. The card works like a regular debit card Binance claimed issued by a bank. Users top it with funds through the Binance Card App in the form of Bitcoin or BNB, and it’s ready for use.
Reportedly, Binance is working on a crypto debit card also which will enable users to load cryptocurrencies into their Binance card wallet and spend at any VISA merchants worldwide. Details of cryptos the card would support are not known, yet neither is the launch date for the card made available.
Reportedly, after Binance eventually buys a major stake in Swipe, the Binance payment card would be issued by Swipe as a white-label product. The crypto startup offers a multi-currency crypto wallet app as well as a crypto-to-fiat funded Visa debit card.
According to Swipe’s website, cards are issued by Contis Financial Services Ltd, a Visa member that is licensed by the U.K. Financial Conduct Authority.