The largest cryptocurrency exchange by volume Binance announces to launch its Visa Card, thus enabling users worldwide to spend their cryptocurrencies. However, at the start, the card will operate in a few countries and will support limited fiat currencies.
The Binance Card will execute payments by converting cryptocurrencies into fiat currencies as most of the crypto-based debit cards work in the same way. Initially, the US dollar will be only fiat currency support by the Binance Card. As the plan will get success, other native currencies will add in the list soon.
Due to only US dollar support, users of other regions outside the US will have to pay exchange rates as a result. Josh Goodbody, head of growth at Binance Card, proposes that further native fiats will add in a year for the users across the world.
BTC and BNB as Card Balance
In exchange’s Visa Card, the basic balance will be in cryptocurrency including the leading digital asset Bitcoin and exchange’s native token called Binance Coin (BNB). ‘’Initially, users can deposit BNB and BTC to their Binance Cards directly from their Binance.com wallet or any other crypto wallet,’’ Goodbody said while talking to crypto media news agency.
The beta version of the Binance Card will launch in April in Malaysia. Initially, the users belong to Malaysia will take benefits from the card. However, customers from other regions across the world will access the Binance Card’s in the near future after the project’s success.
‘’We’ll first introduce the beta version of the Binance Card in Malaysia this April, and we’ll add more regions throughout the rest of this year. We see this as a global product.’’
Order Card at $15
On can order the Binance’s Visa Card at only $15 and there will no monthly or yearly taxes on services as exchange confirm it. The card is compatible with the app that can trace the transactions and can change the card’s PIN number.
The card will be available soon in other countries as the company said:
‘’You can register interest in Binance Card through the landing page, and we will notify you once the card becomes available in your region.’’