The Binance Visa Card has officially been rolled out in the European Economic Area (EEA) and is available to anyone in the region according to a blog announcement on September 16. This global-focused crypto exchange had earlier on signaled the launch of its Swipe backed Visa card in Europe as part of an expansion plan.
Binance customers in the EEA region can now make direct crypto purchases from merchants within the Visa payment networks. Given the Visa card market dominance, Binance card users will be able to transact and spend in over 60 million global outlets. Other compatible payment networks include Samsung pay and Google pay. Reads the blog announcement,
“The Binance Card, powered by Swipe, works like your traditional debit card, but instead of fiat, you’ll be holding digital assets, such as BTC, BNB, SXP, and BUSD. Your card is linked to a Card Wallet within your Binance account, and you can replenish this wallet with funds stored in your Spot Wallet.”
To incentivize on-ramping, Binance gives up to 7% cashback for every purchase made with their card. However, this will be calculated based on a client’s card level, hence deriving the BNB balance in their accounts.
Users with higher amounts of BNB are more likely to get the 7% full cashback than those with a smaller portfolio. Users would need to hold 6,000 BNB in their account for at least 30 days to get the 7% back. The levels include
- 7% for 6,000 BNB
- 6% for 2,000
- 5% for 500
- 4% for 200
- 3% for 50
- 2% for 10
- 1% for 0
In addition to this lucrative cashback, the Binance Visa Card applies zero transaction fees, subscription fees, or maintenance fees.
Is the U.S Market Next?
Binance’s aggressive expansion has seen the CZ headed crypto exchange make primary International market entries. The acquisition of Swipe, in particular, set the stage for its Visa card to roll out in the U.S.
According to the latest updates, this milestone is still a work in progress that could soon materialize following the Approval of Swipe’s card services by U.S authorities. The Philippines registered digital wallet and card provider also recently partnered with a U.S bank, Evolve Bank & Trust, to offer U.S dollar checking accounts for its prospects in the country.