Binance Introduces Its Own Debit Card for Easy Online Crypto Shopping

News / 27.03.2020

Crypto exchange giant, Binance has officially announced the launch of its crypto debit card. The Binance Card, like other crypto cards, will enable its users to spend their crypto by converting them into fiat, while taking advantage of established debit card networks.

The Binance Card, issued by VISA, does everything a regular payment card does, plus extra features. It is accepted by over 46 million merchants offline and online in 200 regions, making shopping with crypto much easier.

The card will initially be available in Malaysia, then followed with Vietnam. However, the company claims it will soon expand the service to other regions. It is currently available as a virtual card in a Beta version, but the company claims a physical card is coming very soon.

According to the announcement, the card is being sold at a one-time cost of 15 USD, and can be paid in the form of initial top up from a user’s crypto wallet to the Binance Card balance.

Users can seamlessly top up their Binance Card with funds through the Binance Card app, in the form of BTC or BNB. The card will then use this balance for the user’s card payments and automatically deduct all expenses from the balance on each payment made.

Users can use the Binance Card app to handle deposits from Binance exchange accounts, view transaction history and also change the card’s pin code.

Josh Goodbody, head of growth at Binance Card told Cointelegraph news outlet that the BNB and BTC deposits can be made to the Binance Cards directly from users’ wallet or any other crypto wallet.

During the pilot stage, Goodbody claims that the card’s transaction currency will be the U.S. dollar. This implies that clients outside the U.S. may have to pay foreign exchange fees for most of the purchases made. However, he reassured that local currencies are going to be made available throughout the year.

Featured image courteys of Shutterstock. Source: Cryptopress.

Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.