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Crypto Debit Card Debuts in Europe

Debit card

July 17, 2020 | 

8658 Views | 

JOHN K MWANIKI | 

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Crypto users in the European Union now have an additional option of spending their crypto assets. The leading crypto exchange, Binance, has announced plans to roll out a crypto-based debit card.

Binance Card can get used in almost 60 million outlets across 200 countries. 

In the recent past, several crypto companies have launched their branded cards with little success, but there have also been many successes.

So, the entry of the Binance Card got expected to ignite a new wave of enthusiasm among crypto users and the general public. 

The new card will support four cryptos at launch. The supported cryptos include Swipe’s native token SXP, Bitcoin (BCT), Binance’s native token BNB as well as its stablecoin, Binance USD (BUSD).

Binance users within the European Economic Area (EEA) can apply for the card starting in August. The card is not only convenient but also comes with several security features. 

The company announced that users in the UK would follow soon, while crypto users in the US and other regions get advised to register their interests through the Binance Card site.  

The company emphasized that the card will work just like a regular card, only that it will allow users to convert their digital currencies into fiat, which will enable them to spend in card-accepting outlets.

Perhaps the best thing about Binance Card is that it will not require users to manually convert their digital assets to fiat before making a payment.

Besides this, these users can reload their cards directly from their Binance spot wallet. They can also select the order in which they prefer to spend their assets.

Breaking down the hard and complicated crypto transaction, Binance Card offers a simple solution targeted for the mass market.   

Binance’s Partnership with Swipe

Swipe, a Card-as-a-Service platform, will power the new Binance debit card. Evident from last week’s demonstrations of the first Binance Card transactions by Binance CEO, Zhao.

Swipe became part of Binance a few weeks ago, making it Binance’s second acquisition this year. 

Earlier this year, reports were linking Binance to Visa, but they got later scrubbed from official websites.

It later turned out that Binance had plans to acquire a stake in Swipe. The acquisition gets completed in earlier July. 

Unlike most crypto cards. Which usually requires users to convert their cryptocurrency to a fiat currency manually. Before making a purchase, the Binance Card has taken care of these hassles.

With Swipe, crypto users can save their digital currencies in their card wallet without the need to convert into fiat, as they can only do so when a point-of-sale transaction occurs. 

Swipe is currently serving 31 territories within the EU, or the European Economic Area, including countries such as Germany, France, Spain, Italy, and the Netherlands.

While Swipe services are currently unavailable in the US, the company is planning to expand to this market soon after their licenses and registrations got approved. 

Expanding to Cryptocurrency to Mainstream Finance 

Binance CEO, Zhao, mentioned a brief statement that by offering a specific form of issuance and payment with cryptocurrencies for everyday use, they are making significant steps towards making cryptos more accessible to the general public.

He added that by giving users the power to convert and use their digital assets directly on merchant stores across the globe, the cryptocurrency experience becomes more applicable and fluid.  

credit card crypto based in euro

In the past, major card companies like MasterCard and Visa had disallowed branded crypto cards, mostly out of unjustified fear of losing control of their well-established market.

Unfortunately, both of them are slowly losing ground because of their internal shortcomings. To expand or hold into their current markets, they have to think outside the box. 

Binance’s Director of European Growth Josh Goodbody said that the team is delighted to finally launch the much-awaited Binance Card, which will enable its diverse user base to utilize their crypto in their daily transactions.

The company believes the latest card is a critical component within its ecosystem of services. Josh admitted that the leading crypto exchange is on a journey to develop an open digital financial ecosystem accessible to the masses, some of whom are unbanked. 

Binance Prepares for More Global Expansion

Neither the current mainstream financial crisis nor the crypto bear market of 201 has slowed down Binance’s quest to conquer the mass market.

Over the last few years, the firm has expanded its operations in terms of offers and markets. This expansion got expected to take a speed up, thanks to the current COVID19-induced mainstream financial crisis.

Based on its latest moves, it seems the company is reaching out to strategic partners around the globe for mass fiat-to-crypto access. 

Though we are midway through 2020, Binance has already posted many significant headlines, touting new features and additions. Even during the bearish seasons this year, the company continued to expand. 

Not long ago, Binance, which has been keen to branch out into digital assets staking and lending, among other initiatives, joined the Internet and Mobile Association of India (IAMAI).

The new cooperation got expected to focus on establishing best practices on cryptocurrency exchanges. 

About Swipe

Swipe is a multi-asset fintech platform that enables users to purchase, sell, and spend their digital assets. The company is headquartered in the Philippines but has a team in the UK, which serves the EU users. 

Being an innovative digital wallet and debit card platform, Swipe allows users to spend their cryptos in real-time without the need to convert the assets prior to the transaction manually.

The platform users can also buy or sell their cryptos with their linked bank accounts. 

About Binance

Binance is the largest blockchain and crypto infrastructure provider in the world. It boasts of an extensive product suite, which includes the world’s leading digital asset exchange by volume.

The Hong Kong-based fintech firm is trusted by millions of traders worldwide, given that its main Platform Binance.com features an unmatched portfolio of crypto offerings.

Including data and research, finance, social good, education, decentralization, investment and incubation, and infrastructure solutions, among others. Moreover, the platform gets designed to increase the freedom of money for its users. 

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