Binance announced today that cryptocurrency users in the European Economic Area will be able to apply for the Binance Card beginning next month. The Binance Card, which is powered by Swipe, will work like a conventional debit card except it uses cryptocurrencies. The Binance Card automatically converts the cardholder’s cryptocurrency to the local currency at the time of purchase.
Residents of the European Economic Area can visit the Binance Card website today and sign up to receive notice when the card officially launches. The Binance Card will be available in August in all 31 European Economic Area countries that support swipe. These countries include Italy, Spain, Germany and France. Although Swipe is not currently available in the USA, Binance is working on an alternative for the American market.
When the Binance Card launches, it will support Bitcoin, Swipe’s propriety SXP token, Binance’s own BNB and Binance USD, which is a stable coin. Cardholders will be able to spend their cryptocurrencies at more than 60 million locations across the globe. For added convenience, Binance Card users can reload the card from their Binance spot wallet. They can even choose which cryptocurrencies they want debited first.
“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 crypto experience more seamless and applicable,” noted Changpeng Zhao, Binance Chief Executive Officer.
Joselito Lizarondo, Swipe Chief Executive Officer clarified, “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.”
More information about the Binance Card is available at www.binance.com.