In brief:
- Binance has announced the launch of the Binance Card that allows users to shop and pay with crypto anywhere VISA is accepted.
- Binance Card will initially be a virtual card in a Beta version of the new service.
- Users can only top up using Bitcoin (BTC) and Binance Coin (BNB).
- The team at Binance has continually focused on building ever since the exchange was launched.
Crypto adoption just got the biggest boost this year as the popular crypto exchange of Binance has just announced the launch of a VISA powered crypto debit card. Aptly named Binance Card, it allows for users to top up the card using Bitcoin (BTC) and Binance Coin (BNB). Users of the card will perform all the necessary top-ups through a yet to be released Binance Card App. The tweet making the announcement can be found below.
Introducing the #Binance Card: Shop and Pay With #Crypto Anywhere in the World
Simply top-up your card with funds through the Binance Card App in the form of #Bitcoin or $BNB, and you're ready to go.
Sign up now: ? https://t.co/ZbOW8y388r pic.twitter.com/OprFm4O6H5
— Binance (@binance) March 27, 2020
Why the Binance Card is Bullish for BTC and BNB
The only assets that will be used to top up the card will be Bitcoin and Binance Coin. This, in turn, means BTC and BNB will have additional utility in the Binance Card app thus increasing demand for the two assets. Such demand will most likely affect the value of these digital assets in a positive way. The team at the exchange has explained their plans of rolling out the service on a global level thus increasing the exposure and demand of the two aforementioned assets. Bitcoin and Binance Coin will be the bridge for real use-case of cryptocurrencies for the day-to-day purchase of goods and services. CZ further explained this as follows.
Payments is an obvious use case for #crypto, yet adoption is slow. With only 0.1% of people having crypto, merchants have no incentive to accept it. And with few merchants accepting it, less users use it for payments. A chicken and egg problem.
Now by using the #Binance Card, merchants continue to receive fiat, and the users pay in any #crypto they choose, Problem solved. Let there be #adoption.
How to Get the Virtual Binance Card
At the time of writing this, interested individuals are advised to register their interest in Binance Card through the landing page. The card will initially be a Virtual Card in a beta version. Once the virtual card is available in the various global jurisdictions, those who registered will be notified and advised to complete the process on the Binance Card app. Ordering the card will cost only $15 thus making the card cheaper than other available options such as Crypterium ($50) and Paycent ($49). However, in the latter two cases, the extra charges are for the physical delivery of the card.
(Feature image courtesy of Lauren Hay on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
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