Leading cryptocurrency exchange Binance has launched its Binance Visa Card, a cryptocurrency debit card that lets users pay with crypto anywhere visa is accepted, to its users in the European Economic Area.
According to a press release, the Binance visa Card lets users transact at over 60 million locations throughout the world, and can virtually be linked to Google Pay and Samsung Pay. The card reportedly has zero subscription and maintenance fees, and transactions in Euros have no transaction charges, although third-party fees may apply.
Per the announcement, the Binance Card is powered by Swipe, a cryptocurrency debit card issuer that the cryptocurrency exchange acquired earlier this year for an undisclosed sum.
The Binance Card, powered by Swipe, works like your traditional debit card, but instead of fiat, you’ll be holding digital assets, such as BTC, BNB, SXP, and BUSD.
The card will be linked to a digital Card Wallet within the Binance account, and users can replenish the wallet with funds stored in their accounts. When users spend using their Binance Card, it automatically converts the cryptoassets into their local currency.
Binance has also rolled out a crypto cashback program for those using the Binance Visa Card, offering up to 7% cashback on every purchase made with it. The exchange claims this is the highest rate available in the market.
The cashback amount will depend on the average amount of BNB users hold over a 30-day period. Those holdings less than 10 BNB will get 1%, but the figure will rise according to their holdings. Those with over 6,000 BNB (nearly $170,000) get 7% cashback, in the form of BNB.
The exchange will count al of the user’s BNB, as long as it is on Binance. After users’ applications are approved a virtual card will immediately be available for them. The exchange touted it will continue to “provide additional benefits and perks to this program, including special campaigns with more digital assets.”
