Binance enters the crypto debit card sector with news of an official Binance Card on March 26. Issued by Visa, the card will initially be available in South East Asia, though other regions will be unlocked soon, the company states.
Like most other crypto cards, the Binance Card allows its users to spend their cryptocurrencies by converting them into fiat and piggy-backing off established debit card networks.
A fairly unique aspect of the Binance Card is that its internal balance will be in cryptocurrencies, initially Binance Coin (BNB) and Bitcoin (BTC).
As Josh Goodbody, head of growth at Binance Card, explained to Cointelegraph:
“Initially, users can deposit BNB and BTC to their Binance Cards directly from their Binance.com wallet or any other crypto wallet.”
During the testing period, the card’s transaction currency will be the U.S. dollar. This means that clients outside of the United States may need to pay foreign exchange fees for most purchases.
Nevertheless, Goodbody reassures that local currencies will be made available throughout the year.
During Binance Card’s beta testing period in April, it will only be available to residents of Malaysia. Ordering the card costs $15, though the company promises that there will be no monthly or yearly maintenance fees.
The card will also be paired with its own app to help manage it, including handling deposits from Binance exchange accounts, viewing transaction history, and changing the card’s PIN.
Binance’s global vision
The exchange has been on a roll since early 2019, expanding into many different branches of the crypto industry. Throughout the year, Binance posted achievements such as hosting the first major initial exchange offering, launching its own blockchain, U.S. subsidiary, decentralized exchange, and derivatives platform.
Many of its co-founders, notably the CEO Changpeng Zhao, have repeatedly stated that their vision for cryptocurrency has a much wider reach than just an exchange — their goal is to disrupt and revolutionize the entire financial system.
The cryptocurrency card is the natural evolution of that vision. As Goodbody elaborated, the company plans to make the card available globally:
“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.”
Binance is also constantly expanding its fiat bridge options, integrating multiple banking and debit card partners to let users purchase crypto as easily as possible anywhere around the globe.
The exchange’s leadership in the Blockchain space carries a responsibility toward the community. Binance was recently embroiled in a scandal where its customers’ funds were used as a weapon in Steem’s governance battle.