One of the largest cryptocurrency exchanges in the world, Binance, is launching a debit card.
The goal with the exchange’s development here, is to increase accessibility for those looking to get involved in cryptocurrency trading. “Have you ever tried shopping online or paying bills with crypto? It can be a struggle,” a blog post from the company reads.
Interestingly, this “Binance Card” is no different from a traditional debit card, the post notes. Only, it’s connected to your Binance exchange account rather than a standard bank. It also supports either Bitcoin or Binance’s in-house asset, BNB.
Once funds are in your account, this card will automatically deduct expenses when you swipe it. Also, it’s worth noting that the card is supported by Visa:
“The Binance Card is issued by Visa and accepted by more than 46 million merchants offline and online in 200 regions and territories, which makes shopping with crypto easier than ever before.”
As of now, the card is available virtually a la Apple or Android Pay. That version is in testing for now, though a physical version of it will be on its way shortly. “We will initially release the card in Malaysia, then follow with Vietnam, and add more countries as we move forward,” the post notes