Binance, the world’s largest crypto currency exchange, announced that it will soon launch “Binance Card,” a debit card that will enable users to spend crypto on in-store and online merchants.
“Paying with crypto remains one of the biggest challenges in furthering utility and adoption,” Binance CEO Changpeng Zhao (CZ), said in a press release. “We believe Binance Card is a significant step in encouraging wider crypto use and global adoption.”
Users will be able to start loading Bitcoin (BTC) or Binance Coin (BNB) through the app, viewing transactions, withdrawing funds and requesting customer support. They essentially transfer funds from their Binance account onto the card. Retailers will be paid out in their local currency but users of the Binance Card will automatically deduct the equivalent in crypto from their account.
Physical Versions Will be Available Soon
The card is currently only available in “virtual format.” Binance said physical versions should be available soon. Because they’re issued by Visa, customers can take advantage of shopping at any of the more than 40 million outlets worldwide accepting Visa payment.
The company said the beta card will initially be launched in Malaysia and Vietnam but is planning to expand to other countries and add support for more cryptocurrency.
“We see the Binance Card as a further step in making crypto even more useful,” said Binance’s director of growth, Josh Goodbody. “Users can forget about monthly or yearly card fees, and can expect unique features to be rolled out this year.”
That comes as part of a rapid expansion of the services provided by Binance. The company added a widget earlier this week to integrate its trading platform into Brave’s browser, and added five Latin American currencies the week before to its peer-to-peer trading platform.
Cryptolydian reported earlier that, Binance announced that its users who hold three additional top cryptos including Bitcoin cash will be eligible for interest bearing service.