Posted 1 year ago | by Ben Armstrong
Binance has Started the Shipping Process of its New Debit Card
The exchange has been constantly expanding its features and benefits for its users in the last month, with the debit card been only one of these additions. To take advantage of this crypto debit card as well as everything Binance has to offer, make sure to click here.
Months of Waiting are Finally Over
Binance announced its intentions to launch a crypto debit card months ago and updating its user with the news of its acquisition of Swipe back on July 7th, a process that boosted the completion of the project.
Now, less than a month after the move and Changpeng Zhao’s tweet later on July informing users about the testing of the first cards, Binance has already started delivering its crypto debit cards to customers who expressed their interest.
A Tweet from Binance CEO Changpeng Zhao on July 25, read “This started shipping in limited quantities as of yesterday, I heard.” In response to a user who was asking about the new card’s status
The last official announcement on July 13th stated that the card would be launched in Europe and the United Kingdom during August, the month when the application process would be opened.
Binance has Been Working Hard on its Crypto Debit Card
The cryptocurrency exchange announced in early July the news about its acquisition of swipe in an official blog post:
“The two companies will work together to further mainstream adoption of cryptocurrencies by bridging the gap between fiat and digital assets, notably payments and purchases in cryptocurrency through traditional financial systems”.
The acquisition was most likely the result of the difficulties experienced by the platform when implementing the new card due to regulations and technological barriers that Binance’s CEO said Swipe could help to solve and time proved to be right.
Binance is aiming to provide its users with an easy and practical way to use their cryptocurrencies in daily life by enabling the card to act as a fiat gateway in real-time.
“To achieve our mission of making crypto more accessible to the masses, off-ramps are a key component as well. By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.”
The card will convert a user’s crypto assets into fiat money at the moment of the purchase instead of requiring a conversion to be made in advance by the user allowing the merchant to receive fiat on their end while users pay by using their crypto just like they would with any standard bank-issued card.
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