Europe is becoming a bit of a proving ground for major cryptocurrency debit cards as Binance’s card, powered by Swipe, is getting its launch in countries of the European Economic Area, or EEA. This comes after Coinbase also launched its card across the pond rather than the US where regulations are tighter.
Users can start to apply for Binance cards from August, but the UK will only be following a little later. However, it is possible to start registering to show interest in getting one of these cards. Part of the reason that Binance’s card is coming to Europe is because Swipe.io is currently available in 31 countries within the EEA, including countries like France, Germany, Italy, and Spain.
Only one major crypto
Interestingly, the card will only support four cryptocurrencies to begin with, but two of these are the native tokens of Binance and Swipe (BNB and SXP) as well as Binance’s stablecoin BUSD and then of course Bitcoin.
But, the card is set to work much like a normal debit card and will not need its users to convert their crypto to fiat before making a purchase. According to the announcement, the Binance Card rollout will allow users to instantly convert the cryptos to fiat and spend them at over 60 million merchants across 200 regions and territories.
Binance Card users will be able to recharge their card wallet directly from their spot wallet on Binance as well as choose the order of preference to debit their BTC, BNB, SXP and BUSD assets.
Swipe CEO Joselito Lizarondo explained, “For example, if I have 50 euros in BTC and 50 euros in BNB, if I made a transaction for 75 euros, it would be approved and then it would deduct my crypto in the order I selected.”
Next Binance Card Gets European Debutstep in adoption
Cryptocurrency was intended to be a new way to transact and make payments, but the way in which Bitcoin has moved has made crypto much more about storing and saving than spending. However, according to the CEO of Binance, Changpeng Zhao, cards like this will help with adoption.
“By providing a tangible way to transact, convert and spend crypto for everyday use, we are furthering our mission of making crypto more accessible to the masses. Giving users the ability to convert and spend their crypto directly with merchants around the world, will make the crypt experience more seamless and applicable.”