Binance has announced the rollout of its debit card allowing users to pay for goods and services in crypto.
- Users in the European Economic Area (EEA) will be able to apply for a card from August while those in the U.K. will be able to do so afterwards.
- Powered by Swipe, the card allows users to spend crypto – currently bitcoin, Binance coin, Swipe coin and Binance USD – at any merchant that supports Visa payments.
- First released in beta back in April, the card only converts crypto into the local fiat currency at the point of sale.
- The card was first tested in Vietnam and Malaysia.
- Binance announced last week it acquired Swipe, which is based in the Philippines, for an undisclosed sum.
- Many existing crypto cards are prepaid and require users to top-up before using; Binance card is connected directly to a user's wallet and works like a traditional debit card.
- Josh Goodbody, Binance's director for European growth, said the Binance Card was a "critical" part of the company's expanded offering.