Binance, one of the largest cryptocurrency exchanges in the world, has announced the Binance Card. The card will be issued by Visa which allows for easy transactions worldwide using crypto stored in Binance accounts. This is great news for both Binance account holders and a great step forward for the crypto industry. They are “delighted to take crypto adoption one step further and announce a product [we’ve] been all waiting for.”
How does the Binance Card work?
Similar to the Coinbase Card, the Binance Card is linked to a Binance account that holds crypto. The partnership with Visa allows the card to be used like a debit card issued by a bank. The bank in this case would be your Binance account. All transactions conducted in fiat currency will have their equivalent balances converted into cryptocurrency. It looks like the Binance Card will support payments in Bitcoin (BTC) and Binance Coin (BNB).
“Buying gifts for your loved ones, shopping for groceries, or paying your internet bill online? The Binance Card does it all.”
“No longer will you need to sell your crypto to pay bills. With the Binance Card, you can keep HODLing, and spend only what you need to make a payment.”
According to their official announcement, the card is still in its beta stages. A global release will be announced in the next few weeks. However, it is currently available as a virtual card (for testing) right now. They plan to first release the card in the Southeast Asia market, with Malaysia and Vietnam being in the forefront. More countries will be added to the list soon thereafter.
Moving crypto adoption forward
It is uplifting to see news like this in the wake of all the uncertainty that is impacting local governments and economies worldwide. Much like the Binance Card will push crypto transactions forward, the CoolWallet S, continues to push digital asset security forward. The wallet-sized cold storage from CoolBitX will pair great with the Binance Card, assuming you have space in your physical wallet!
To add an extra layer of security, you can store unused crypto (or tokens you want to HODL) in the CoolWallet S for safekeeping. Funds can be transferred in and out of the CoolWallet effortlessly thanks to our smartphone app. The CoolWallet supports Bitcoin and Binance Coin, along with other popular alt and stablecoins.
In closing, we look forward to more exciting announcements from our friends at Binance and we hope we can both continue to drive the industry forward.