Will Binance's Debit Card Become the Crypto Card of Choice?
While Binance's has been busy with their "Off The Charts" virtual conference, they have revealed a big new feature. This new feature is Binance debit cards which can be charged with cryptocurrencies. The announcement went live both on Twitter and within Binance's blog.
Introducing #Binance Card powered by #Swipe Issuing. $SXP will be one of 4 cryptos supported and all Binance Card transaction fees will be paid in $SXPâ Swipe (@SwipeWallet) July 14, 2020
Swipe Issuing is a Card-as-a-Service platform with more details to be announced at a later date. https://t.co/61eYNa5x9g
Swipe Wallet & Binance
The acquisition of Swipe Wallet by Binance took place roughly a week ago, and we can already see what they might have had in mind. The new Binance debit card is powered by Swipe's platform and will allow cryptocurrency users the ability to spend their funds at 60 million merchants across 200 countries. It will be available starting this August.
Unlike other cryptocurrency debit cards, the cryptocurrencies are not converted to fiat when the card is charged. Instead the conversion only takes place at a point of sale. The currencies the card currently accepts is a short list of 4 cryptocurrency assets including BTC, BNB, SXP, and BUSD.
While this card will only be available in the European Economic Area and the U.K. shortly after, it might roll out to other regions.
"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" - Binance CEO "CZ"
This new card may help Binance solidify itself as one of the leading cryptocurrency exchanges and possibly bolster SXP's price.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado