Binance Card, launched in April 2020, launches first beta transactions based on newly acquired Swipe. This information was confirmed by the CEO of Binance.
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Binance card and its capabilities
Binance exchange did not initially plan to integrate Swipe, however, the latest news confirms that the platform will implement this technology. After Binance acquired Swipe on July 6, Swipe COO John Kenneth told Cointelegraph that the two companies would work closely together to launch crypto debit cards in different regions of the world.
Binance CEO Changpeng Zhao tweeted that the beta test included “all real transactions.” CZ also clarified that the BNB payments were made directly from his Binance account.
The card was tested on:
- platforms that are widely used in the U.S. and other countries, such as Audible and Amazon;
- Grab, an app used in Singapore, Malaysia, Vietnam, and Thailand;
- Asian e-commerce giant Lazada.
Binance’s payment card is billed by the company as a “crypto debit card for the world.” It is planned that customers will be able to store cryptocurrency in the Binance Card wallet. They will also be able to spend it at any merchant that supports Visa card payments.
Binance Card Integration with Swipe
Along with Grab and Amazon, CZ Binance Card also includes Swipe, a crypto-to-fiat firm headquartered in the Philippines that was officially acquired by Binance on July 6. After CZ's tweet was posted, Swipe retweeted the post, adding the comment "Powered by Swipe."
[su_quote cite="Binance Service" url="http://binance.com/"]Binance is one of the largest and most popular cryptocurrency exchanges with a daily turnover of over $1 billion.[/su_quote]
The Binance card will require an activation fee of $15. It can also be paid in BNB or BTC. As Binance fans wait to see what other countries the card will be available in, users outside of Malaysia and Vietnam may show their interest in the card, which will help the exchange gauge the adoption of the Binance card in different countries. The Binance card will be available for use at merchants around the world that accept credit cards.
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