Binance, the world’s largest cryptocurrency exchange, will be offering Visa Cards in Europe. They will allow users to earn up to 8% cashback.
The card will allow people to use their digital assets in their Binance accounts to spend and transact at over 60 million locations across the globe, wherever Visa cards are accepted. Cardholders will be able to link their Binance Card virtually with Google Pay and Samsung Pay.
The Binance Card is powered by Swipe. The exchange explained that it works just like a regular debit card. However, the card is loaded with digital assets (instead of fiat money). Major cryptos like Bitcoin (BTC), Binance Coin (BNB), Swipe (SXP), and Binance USD (BUSD) may be spent using the virtual cards. These cards are all linked to a Card Wallet that is associated with each user’s Binance account. There’s an option to replenish or add more money to wallets with funds residing in their Spot Wallet.
[Binance:] “When you spend using your Binance Visa Card, it converts your crypto funds into your local currency automatically, allowing you to spend at 60 million locations around the world seamlessly. What makes this possible is Swipe’s technology, which powers the conversion and creates a frictionless user experience for both online and offline merchants.”
In addition to providing more options to spend digital currencies, Binance has launched more crypto derivatives products. The exchange recently launched BitTorrent (BTT), Elrond (ELGD), ICON (ICX), and Sola (SOL) perpetual contracts through Binance Futures.