Crypto exchange juggernaut Binance launched Binance Card, a cryptocurrency debit card, that will officially operate and function within several countries in the European Economic Area (EAA). Now, it is ready to enter the US market.
Through a partnership with Evolve Bank & Trust, a US-based banking institution, USD checking accounts will be enabled on the platform. Representatives from Swipe, a newly-acquired firm that powers Binance’s crypto debit card, were responsible for this expansion.
US crypto users will now be able to register and apply for Binance Card as it originally debuted only in selected countries including France, Germany, Italy, and Spain, among others on July. Users living in regions where the product is not yet available may register their interest through the Binance Card website.
Swipe users will now be able to directly deposit their paychecks into the newly-available accounts and use those funds to buy and sell supported cryptocurrencies on the Binance Card. This allows users to instantly convert their cryptocurrencies to fiat and spend them at over 60 million merchants across 200 countries.
Initially, the Card only allows users to convert and spend four crypto assets: Bitcoin (BTC), Swipe’s native token (SXP), and Binance’s stablecoin (BUSD), and Binance’s exchange token (BNB).
Powered by the Swipe’s platform, the Card will purportedly enable digital assets to actively remain steadfast in their native form until a point-of-sale occurs. Binance cardholders will be privileged to convert and transact with ease using cryptocurrencies with a low conversion rate.
Unlike the other crypto cards (prepaid) that manually require individuals to convert their digital assets to fiat and top-up before they can use for a transaction, the Binance Card purportedly functions as the traditional debit card.
Binance CEO Changpeng Zhao exclaimed,
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 crypt experience more seamless and applicable.