Binance Launches Crypto Card in EU & UK
Last updated on November 1st, 2022 at 01:58 am
The news from Binance just keeps coming. The cryptocurrency exchange has finalized plans to expand the use of its crypto cards to UK and EU markets. From August, Binance users based in the European Economic Area (EEA) can apply for the Binance card.
As we reported in an earlier blog post, the market for the UK will open shortly after. Binance said users who are staying in regions where the Binance card is currently not available should register their interest at card.binance.com.
Binance Card Different From Other Crypto Cards
The new Binance card will not work like other crypto cards. Instead, it will work like a traditional card. Other crypto cards are prepaid cards that require the user to manually convert their crypto to fiat, load funds in the card, before using it for transactions.
However, for the Binance card, it allows e-currencies to remain in their base form until a point-of-sale transaction occurs. It will enable the crypto cardholders to carry out cryptocurrency transactions with their crypto cards in over 60 million locations all over the world.
The Binance card will be powered by Swipe. The Swipe platform will provide the enabling environment for users and holders of the crypto card to keep the base form of their cryptocurrency on their card wallet. They can convert the assets to fiat currency when initiating a transaction. This enables a smooth user-experience as they can simply ‘swipe’ with their Binance Card for both offline and online merchants.
Also, holders of the card can easily recharge their card from their Binance Spots Wallet and select the crypto they want to debit. They have a plethora of options, including BTC, SXP, BNB, and BUSD digital assets.
Josh Goodbody, Director of European Growth at Binance, stated that Binance wants to make the lives of the card users easier to help them easily run their day-to-day lives. “We are delighted to finally get the Binance Card into our users’ hands, so they can start utilizing their crypto in their day-to-day lives,” he stated.
“We are delighted to finally get the Binance Card into our users’ hands, so they can start utilizing their crypto in their day-to-day lives,” he stated.
Making Crypto More Accessible
Binance Chief Executive Officer Changpeng Zhao (CZ) stated that the crypto company wants to provide a tangible way of transacting, converting and spending crypto for everyday use. He said this is in line with the company’s goal of making cryptocurrency more accessible to the public.
It will enable users to have easier access to their crypto funds with the ability to convert and spend directly with merchants all over the world, CZ continued.
He said through Binance’s collaboration with Swipe, the Binance Card will be more available to users in other parts of the world. The company also intends to introduce other new features in the card to enhance the overall card experience for the users.
Goodbody stated that the development is in line with the objectives of Binance to develop an open digital financial ecosystem for all, banked or unbanked.
Binance – A Trusted Crypto Exchange
As one of the world’s leading cryptocurrency exchanges, has invested huge into its various exchange platforms. This has allowed Binance to always be at the forefront of making cryptocurrency more available and accessible to the general public. Rolling out its crypto card for the EU market is just the next step in that plan.
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