Binance’s much-anticipated cryptographic currency debit card, the Binance Card, is officially launched in the countries of the European Economic Area, or EEA.
Binance told Cointelegraph on 14 July that users based in the EEA will be able to apply for a Binance card from August. While the UK will follow in the near future, users in other regions are invited to “register their interest” via the Binance Card website, the firm said.
As mentioned above, Swipe is currently available in 31 countries within the EEA, including countries such as France, Germany, Italy and Spain, among others. Swipe is not yet available in the United States, but the company plans to launch the service shortly after obtaining the necessary licences and registrations.
Four cryptos available at launch
According to the announcement, the Binance Card will support a total of four cryptocurrences at launch. These cryptos include the Bitcoin (BTC), Swipe’s native SXP token, as well as Binance’s native token, BNB, and the stablecoin, Binance USD (BUSD).
According to the announcement, the deployment of the Binance Card will enable users to instantly convert cryptos into fiat and spend it at more than 60 million merchants in 200 regions and territories.
Binance emphasised that the Binance Card will function essentially like a traditional debit card and will not require users to manually convert cryptography to fiat before making a purchase.
Binance Card users will be able to reload their card wallets directly from their Binance spot wallet and choose the order of preference for debiting their BTC, NBB, SXP and BUSD holdings.
Joselito Lizarondo, CEO of Swipe, explained: “For example, if I have 50 euros in BTC and 50 euros in BNB, if I make a transaction for 75 euros, it will be approved and then it will deduct my cryptography in the order I choose.”
The Swipe platform will allow users to store their cryptographic currency in their card wallet and convert it to cash only when a transaction is completed.
Binance CEO Changpeng Zhao said that Binance Card will greatly contribute to the adoption of cryptography worldwide:
“By providing a tangible way to transact, convert and spend encrypted data for everyday use, we are pursuing our mission to make cryptography more accessible to the masses. By giving users the ability to convert and spend their crypto directly with merchants around the world, we will make the experience of cryptography more transparent and more applicable”
Last week, Zhao demonstrated the first Binance card transactions, officially confirming that the Binance card will be powered by Swipe. Binance acquired Swipe just earlier this month, marking its second acquisition this year.