Binance Card to soon expand to the U.S. as Swipe taps new partnership
you ever tried shopping online or paying bills with crypto or digital currency?
It can be a struggle. There are dedicated services that offer crypto as a
payment method for specific merchants or make the payment for you and take your
crypto. The alternative is to sell your crypto and wait for a withdrawal to
arrive at your bank account. Both of these methods are not only inconvenient
and slow but sometimes can also be quite expensive.
Binance Card is a newly launched cryptocurrency debit card. It is powered by Binance and the Binance-owned crypto commerce company Swipe. It could soon enter the United States. This is all thanks to a new partnership that unlocks direct USD deposits for users in the country. Of late, Binance has been on a partnership spree. USD checking accounts will be enabled on the platform. This will be through a partnership with Evolve Bank & Trust. It is a banking institution operating in the United States.
Swipe users will be able to deposit their paychecks directly. It will be deposited into these newly available accounts from Evolve Bank & Trust. Those funds will be used to buy and sell supported cryptocurrencies on-demand. The accounts will include Federal Deposit Insurance Corporation insurance up to applicable limits. Further information about Binance Card could not be disclosed at the current stage. This new development seems to bring the card closer to the U.S. market. Everything Swipe offers available for Binance Card. The new feature is expected to be available in [the] next few weeks.
Binance acquired Swipe in early July 2020 to
focus on crypto debit cards. Shortly after that, the companies announced the
acquisition on July 6. Binance Card officially debuted in countries within the
European Economic Area, or EEA, on July 14.
Crypto Business World
CBW - External Analyst