Binance Card set to launch in August this year in the European Economic Area (EEA) with the U.K to follow later, a statement from Binance confirms. The debit card allows users to shop and buy from millions of VISA accepted merchants across the world using four cryptocurrencies.
The announcement by Binance confirmed that its users in the EEA and the U.K would be able to start applying for Binance Cards beginning August. This comes barely a week after Binance announced its acquisition of credit card manufacturer, Swipe.
The Swipe-powered card allows users to use four cryptocurrencies to shop for their goods and pay for services, including Bitcoin (BTC), Binance Coin (BNB), Swipe's native currency, Swipe Coin (SNX) and Binance USD (BUSD).
Binance CEO, Changpeng Zhao, CZ, revealed over the weekend he had tested the Binance Card teasing he might now be able to go 100% crypto. Speaking on the planned launch in August, CZ said:
“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.”
Binance Card offers a point-of-sale conversion meaning that the debit card will work like the traditional bank cards. Once you top up your card directly from your spot wallet on Binance, the card will automatically convert the crypto balance once you purchase something hence no need to convert your crypto to fiat manually.
Explaining the process at the point of sale, Swipe CEO Joselito Lizarondo said:
“For example, if I have 50 euros in BTC and 50 euros in BNB, if I made a transaction for 75 euros, it would be approved, and then it would deduct my crypto in the order I selected.”
BEG reported earlier in March the beta release of the Binance Card with Vietnam and Malaysia, leading the market test.