14 Jul, 2020, 07:14 ET
LONDON, July 14, 2020 /PRNewswire/ -- Binance, the global blockchain company behind the world's largest digital asset exchange, today announced the official rollout of its Binance Card in Europe and the United Kingdom (UK), enabling users to convert and spend their BTC, BNB, SXP and BUSD to fiat at over 60 million merchants across 200 regions and territories worldwide.
Unlike the majority of crypto cards, which are prepaid cards that require users to convert their crypto to fiat currency manually and top up their card before using it for transactions, the Binance Card works like your traditional debit card. Powered by Swipe's platform, the Binance Card enables digital assets to remain in their native form until a point-of-sale transaction occurs, allowing Binance Cardholders to convert and transact with cryptocurrencies in more than 60 million locations around the world seamlessly.
Binance Card users will be able to recharge their Card Wallet directly from their Binance Spot Wallet and choose which order of preference to debit their BTC, BNB, SXP and BUSD assets. The Swipe platform will enable these users to keep their cryptocurrency in native form on their Card Wallet and only convert them to fiat currencies when a transaction is presented. This creates a frictionless user experience with just a "swipe" of their Binance Card for both online and offline merchants.
"By providing a tangible way to transact, convert and spend crypto for everyday use, we are furthering our mission of making crypto more accessible to the masses. 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," said Binance CEO Changpeng Zhao (CZ). "We are looking forward to making the Binance Card available to users in other regions, as well as introducing new features to enhance the Binance Card experience through our partnership with Swipe"
"We are delighted to finally get the Binance Card into our users' hands, so they can start utilising their crypto in their day-to-day lives," said Binance's Director of European Growth Josh Goodbody. "We see this product as a critical component within our ecosystem of services." Goodbody also noted that "Binance is on a journey to create an open digital financial ecosystem for everyone, banked or unbanked."
From August, Binance users based in the European Economic Area (EEA) will be able to apply for a Binance Card, with users in the UK following shortly thereafter. Users in regions where Binance Card is currently unavailable may register their interest through card.binance.com.
Binance is the world's leading blockchain and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralisation and infrastructure solutions, and more. For more information, visit: https://www.binance.com
Swipe is a multi-asset digital wallet and debit card platform designed to let users buy, sell and spend their cryptocurrencies. Swipe is headquartered in the Philippines with operations in the United Kingdom which services European users. The Swipe platform enables users to spend cryptocurrencies in real-time without having to manually convert the transactions prior. Users can also buy/sell cryptocurrencies with their linked bank accounts globally. For more information, visit: https://swipe.io
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