Posted in: Forex

Binance Debuts Swipe-Powered Crypto Debit Card in Europe

Binance is finally rolling out its long-awaited debit card, Binance Card, across countries within the European Economic Area (EEA). Binance communicated this news on July 14, 2020, stating that people who live in these countries can apply for the card come August, while those living in the United Kingdom will have it available a little after that.

Other regions can register their interest in the company’s website as the company plans how to roll out in these areas.

Swipe has rolled out its services across 31 countries in the EEA, including France, Spain, Germany, and others. The firm is said to be in the final phases of rolling out the Swipe service in the United States as it has met licensing and regulatory requirements.

The press release stated that the Binance debit card would carry four cryptocurrencies upon its launch. These currencies include the gold standard, Bitcoin, stablecoin, Binance USD, Binance’s native Token, and Swipe’s native Token.

The Binance card has come to allow its users to automatically convert their crypto into fiat that they can spend across 60 million-plus merchants in 200 different locations.

The struggle that has always been there being where a crypto owner has to manually convert their digital currency before spending. This struggle gets eliminated using the Binance card. This advantage will make this card just like your regular debit card.

Binance says that the card will work by recharging their Binance card wallet using the integrated spot wallet that houses their different digital assets on Binance. They will then get to choose the order of preference they want their crypto debited. The four supported cryptocurrencies will then get converted into the debit card based on the user’s order of preference.

For example, if the user has two cryptocurrencies, each worth 50 Euros, they can determine how these currencies get converted into fiat. A user may want to spend 75 Euros and chooses for their Bitcoin to get converted first, followed by stablecoin, The 50 Euros of Bitcoin will all get converted first. The system will then convert 25 Euros of the stablecoin to make a total of the 75 Euros needed.

The Swipe feature allows cryptocurrency to be stored in the Binance card and only prompts it to convert to fiat when required in that form. The Binance card works to help the world adopt digital currency by having crypto readily available for use in the working world. This practicality is according to Binance CEO Changpeng Zhao.

Zhao demonstrated the first Binance card transactions in the first week of July 2020. He confirmed that Binance had acquired Swipe in the first week of July 2020, marking this as the second major acquisition Binance has made this year.

Binance undertook nine significant acquisitions in 2019 to help it achieve its goals. Some of these acquisitions were like Dappreview, a blockchain data startup, and JEX, a derivative platform based in Seychelles. The CEO believes that by 2030 cryptocurrency will be a regular currency used in every part of the world.