Binance, the world’s largest cryptocurrency exchange, will be offering Visa Cards in Europe. They will allow users to earn up to 8% cashback.
The exchange said that Binance Visa Cardholders will be able to get highly competitive cashback rates, but it’s only offered to consumers based in the European Economic Area.
The card will allow people to use their digital assets in their Binance accounts to spend and transact at over 60 million locations across the globe, wherever Visa cards are accepted. Cardholders will be able to link their Binance Card virtually with Google Pay and Samsung Pay.
The Binance team noted:
“When you use your Binance Visa Card, you don’t have to worry about fees from our side. We charge zero subscription or maintenance fees, and transactions made in Euros are free of transaction charges (third-party fees may apply)…. A virtual card will be available to you for immediate use upon approval of your application.”
The Binance Card is powered by Swipe. The exchange explained that it works just like a regular debit card. However, the card is loaded with digital assets (instead of fiat money). Major cryptos like Bitcoin (BTC), Binance Coin (BNB), Swipe (SXP), and Binance USD (BUSD) may be spent using the virtual cards. These cards are all linked to a Card Wallet that is associated with each user’s Binance account. There’s an option to replenish or add more money to wallets with funds residing in their Spot Wallet.
As explained by the Binance team:
“When you spend using your Binance Visa Card, it converts your crypto funds into your local currency automatically, allowing you to spend at 60 million locations around the world seamlessly. What makes this possible is Swipe’s technology, which powers the conversion and creates a frictionless user experience for both online and offline merchants.”
There’s an option to get a physical Binance Visa Card as well, but customers will have to wait for a couple of months for them, the exchange noted.
(Note: for more details on this offer, check here.)
In addition to providing more options to spend digital currencies, Binance has launched more crypto derivatives products. The exchange recently launched BitTorrent (BTT), Elrond (ELGD), ICON (ICX), and Sola (SOL) perpetual contracts through Binance Futures.
As reported, Binance has added isolated margin trading for DIA, Reserve Rights Token (RSR), and Ocean Protocol (OCEAN).