Binance crypto card is now available around Europe, with a 7% cashback up for grabs. The world’s largest cryptocurrency exchanger has announced the news a few weeks after the initial launch of the crypto debit card.
According to the announcement published on the Binance blog, the card is currently available to the users living within the limits of the EEA (European Economic Area). Those countries include all the members of the European Union, as well as the UK, Iceland, Norway, and Lichtenstein.
At the moment of writing, the card is available in virtual form only. However, you can order your physical Binance card straight away, which should get in production within a couple of weeks from now.
How the Binance Crypto Card Works?
The Binance crypto card is a debit Visa card, powered by the Binance-owned Swipe technology. In many senses, it’s the same as traditional Visa debit cards, the main difference being the fact that this card works with digital assents rather than fiat currency.
Your Binance card is linked to your Binance Wallet, which is what you got to use in order to reload the debit cards. You can replenish the cards with cryptos, but spend the money in your local currency. In fact, when you’re using the Bitcoin card for payments, it automatically converts the cryptos into the currency used in your current location. This is something that’s made possible through the use of the Swipe technology.
Right now, the card supports only four cryptocurrencies, but Binance plans to expand the offer in the near future.
Four Cryptocurrencies Available at the Moment
Bitcoin (BTC) is one of the four cryptocurrencies supported by the Binance card. The other three all have a connection with Binance. The BNB is Binance’s native token, while the SXP is the native token of Swipe, which is also owned by Binance. Then, there’s also the BUSD, which is Binance’s own stablecoin.
Ether (ETH), Litecoin (LTC), Monero (XMR), and other popular cryptos are currently not supported. However, considering the demand, it’s very likely Binance will add them to the list of supported cryptocurrencies.
Still, in the first few months since the launch of the Binance card, the users will have to stick to BTC, BNB, SXP, and BUSD. They can buy/sell these on the Binance trading platform, as well as use these cryptos to pay for products and services in local currency using the card. In addition, the users can also use the crypto card to take cash from ATMs.
That said, regardless of the crypto asset, the card will automatically convert it into fiat, without the need for the user to do anything.
As the Swipe director, Joselito Lizarondo put it: “If I have €50 in BTC and €50 in BNB, if I made a transaction for 75 euros, it would deduct my crypto in the order I selected.”
Binance Card Coming to America?
Right now, the Binance card is the luxury only European crypto-enthusiasts can get ahold of. However, that’s likely to change in the future, as the company has set its eyes on the US market. Because of that, we might see the Binance card coming to the US sooner than expected, possibly even before the end of the year.
What gives American crypto fans hope that such a scenario could play out is the fact that Swipe has announced its plan to enter the US market. The Binance-owned company has actually received the green light to spread its business to the United States.
In the beginning, the company is going to focus on presenting its own crypto assets, as well as its crypto wallet. However, due to the increasing demand for the Binance crypto card, the chances are that we’re going to see its launch in America pretty soon.