Binance is making big strides, literally taking it upon themselves to be a leader driving crypto adoption. Records state that the newly launched Binance Card powered by Swipe will help over 60 million merchants–spread across Europe and the United Kingdom–receive payments from holders of BTC, BNB, Swipe’s native currency SXP, and BUSD, according to a press release published on July 14, 2020.
Binance Card- Easy Way To Use Cryptocurrency
Binance is determined to create a vibrant and attractive ecosystem covering most facets of the crypto economy.
The newly launched Binance Card works just like an ordinary debit card—a deviation from common prepaid cards that require top up before use and manual conversion of crypto to fiat and allows a transaction to be executed only at a point of sale.
This way, over 60 million merchants will receive payment in fiat as any of the four supported crypto assets will be converted straight from the debit card holder’s Binance spot wallet. Of note, merchants will receive payments in fiat—Euro or GBP, every time a user swipes whenever a transaction is made.
This will be a direct benefit for users since most are keen on spending their digital assets whenever they transact. Besides, there will be enhanced user experience since crypto will remain in their native state only until the holder is needed to swipe when making payment.
In the words of Changpeng Zhao, the CEO of Binance:
“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 crypto experience more seamless and applicable.”
Swipe Leading Card-as-a-Service, Wirecard Turmoil
At the moment, legal and regulatory barriers especially around the classification of crypto as a commodity mean few are wary of spending coins due to tax obligations. As per regulator’s statements in several countries in Europe and the U.K., crypto is considered commodities—not legal tender, whose capital gains are subject to taxation.
Then again, the failure of Ernest and Young to spot a $2.1 billion hole from Wirecard financial statements did stall operations of competing debit card providers like Crypto.com. Swipe, in this arrangement with Binance, is presenting its platform as a Card-as-a-service without divulging details.