The leading spot cryptocurrency exchange, Binance, is now working on a Binance Card that will be launched soon.
Binance CEO Changpeng Zhao took to Twitter to share that currently, he is testing the card which is in beta. With this card, the user will be able to make transactions at the likes of Amazon and Grab.
You will be paying in cryptocurrency directly from your Binance account, while merchants will be accepting the fiat.
I am so excited. I love beta testing products…
All real transactions. Audible/Amzn, Grab (Uber replacement), Lazada (Amzn replacement). Merchants accepts fiat, I paid in #BNB, direct from my Binance account.#Binance Card – I think I can finally go from 99% to 100% crypto. pic.twitter.com/8b60A6Cpui
— CZ Binance (@cz_binance) July 10, 2020
These cards are powered by the wallet app Swipe, Binance’s latest acquisition. The exchange is also joining the company’s board of directors, but apparently, Swipe is “able to run the company independently from Binance.”
Earlier this week, Binance announced that it is acquiring the multi-asset digital wallet and debit card platform that allows users to buy, sell, convert, and spend cryptos in 31 countries within the European Economic Area.
The idea has been to work together to further mainstream adoption of cryptocurrencies by bridging the gap between fiat and digital assets.
At the time, the Philippines-headquartered Swipe, which already supports 20 cryptos, also listed BNB on its platform, and Binance listed Swipe’s token SXP on its exchange.
Binance Cards will be usable in most places globally that accept a credit card but will be released to users country by country, shared CZ.