Binance Launches its Debit Card Allowing Users to Spend Crypto
Recently, Binance officially announced the launch of its crypto debit card, that will enable users to spend their cryptos by converting them into fiat while taking advantage of established debit card networks. Visa issued the Binance card, and it is accepted by over 46 million merchants offline and online in 200 regions, making shopping with crypto effortless.
Initially, the card will be in Malaysia, then Vietnam, and later to other regions. It is currently available as a virtual card in a Beta version; however, a physical card is coming very soon, says the Binance. The card is available at a one time cost of 15 USD, and one can pay in the form of initial top-up from a user’s crypto wallet to the Binance Card balance.
More on Binance’s Debit Card
Users can easily top up their Binance card with funds through the Binance Card app, in the form of BTC and BNB. The card will then use this balance for the user’s card payments and automatically deduct all expenses from each payment’s balance. Additionally, 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.
According to Josh Goodbody, the head of growth at Binance Card, the BNB and BTC deposits can be made to the Binance Cards directly from users’ Binance.com wallet, or any other crypto wallet. Josh also says that the card’s transaction currency will be the US dollar during the pilot stage. Therefore, clients outside the US may have to pay foreign exchange fees for most of the purchases made, but local currencies will be available throughout the year.