It’s a race to market as Binance exchange becomes the latest crypto company to introduce their own debit cards, according to a release on March 26. The card is set to provide a fiat gateway to consumers to spend “their favorite crypto” across over 46 million VISA merchants and retailers worldwide.
However, the project is set to pilot in Malaysia and Vietnam, with more countries expected to be added according to the market response.
— Binance (@binance) March 27, 2020
Binance launches its bank debit card
In a blog post on Thursday, Binance confirmed the launch of their VISA debit card allowing users to shop and pay for goods and services similar to a regular bank debit card. The Binance debit card inks your Binance.com account allowing users to pay using crypto in seconds. The blog reads,
“You simply top-up your card with funds through the Binance Card App in the form of Bitcoin or BNB, and you're ready to go. It's as simple as transferring BNB from one wallet to another.”
The card costs $15 for pre-orders with no monthly or yearly maintenance fees. At the start, the debit card will support two currencies – Bitcoin (BTC) and the native exchange’s token Binance Coin (BNB) – available for exchange at the dollar rate.
Market set to expand over 2020
Other countries apart from Malaysia and Vietnam will have to wait for the card and addition of their local currencies. According to Josh Goodbody, head of growth at Binance Card, the company is planning to launch in other countries over the course of the year and add local currencies to reduce the foreign exchange risk.
The physical card is an extension of the virtual Binance card, currently in the beta stage, used for online payments. However, the blog did not clarify whether the physical card will feature a PIN, chip, contactless payments, and withdrawals from ATMs.
Binance developments in the space
The launch is a result of long-running development and discussions across the Binance team and the market. Back in 2016, Binance CEO, Changpeng Zhao, was asked about the possibility of launching a debit card to which he responded,
“We're not in a plan to offer a Binance credit or debit card just yet. We're working with other third-party partners to enable those. So yeah, we're looking for partners too, in those areas.”
At the start of the year, the GetBinanceCard.com website was registered by the Australian company, Moon Tech Pty Ltd, kicking off the preparation of the launch.