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Friday, March 5, 2021

Binance’s crypto debit card is now officially available in Europe

  • Major exchange Binance recently announced that its crypto debit card is now available in EEA countries.
  • The card can be used in more than 60 million locations around the world.
  • Binance might soon launch its Binance Visa Card in the US, thanks to ownership of Swipe.

Binance has finally launched its long-awaited crypto debit card in Europe. Users from EEA (European Economic Area) countries can now use it whenever they want as a debit card filled with digital currencies.

The long-awaited Binance Visa Card finally arrives to EEA countries

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Using cryptocurrencies for trading was available ever since Bitcoin itself was launched. However, using them in the real world has been a much bigger issue.

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As many already know, crypto is still lacking in terms of adoption, so paying for anything with Bitcoin is not that easy. The number of businesses that accept some sort of crypto payments is growing, but it is still small enough for users not to expect to be able to pay with crypto anywhere they go.

This is likely going to change now, with Binance’s crypto debit card.

The so-called Binance Visa Card is now available across Europe, according to the exchange’s recent blog post. Not only that, but Binance is also offering 7% cashback from purchases made via its card. The company’s cashback rate is currently the highest available in history.

How does it work?

The card itself works in a very simple manner. Users will be able to connect it to their app, and then fill the app’s wallet with their crypto. Then, when they use the card, the coins get converted into a local currency automatically.

This means that users can simply deposit coins into the app and use it anywhere in the world. At the moment, Bitcoin and similar coins supported by the app can be used at over 60 million locations.

Binance originally announced the card quite recently, in April 2020. Since then, it has tried really hard to push the new product, officially launching it in Europe in July. Back then, it claimed that applications for the card in EEA countries will be available in August, The next stop for the card is the US, which might happen quite soon, as the card is powered by Binance-owned crypto debit provider, Swipe

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