Binance CEO Unveils Beta Transactions Using Branded Crypto Card
- The new card will be issued as a white-label product via Swipe, which Binance has acquired a majority stake in.
Binance CEO Changpeng Zhao took to Twitter to showcase the first beat transactions made by the influential crypto exchange’s own debit card. Binance's branded card, which has been in the works since March, would allow holders to pay for goods and services with crypto coins, providing a fiat gateway into the asset class.
The new card will be issued as a white-label product via Swipe, which Binance has acquired a majority stake in earlier this month.
I am so excited. I love beta testing products...
All real transactions. Audible/Amzn, Grab (Uber replacement), Lazada (Amzn replacement). Merchants accepts fiat, I paid in #BNB, direct from my Binance account.#Binance Card - I think I can finally go from 99% to 100% crypto. pic.twitter.com/8b60A6Cpui — CZ Binance (@cz_binance) July 10, 2020
The Binance Card in a beta version and currently available as a virtual card, which can be used for online purchases only. For POS purchases and most ATMs, the physical prepaid card is coming shortly, the exchange said.
Yet, it’s still unclear if the physical card would implement new technologies such as PIN, chip, contactless Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, and withdrawals from ATMs.
Clients can pre-select the digital wallet they want to debit when they fund the card balance. The latter can currently hold only two digital currencies, namely Bitcoin and Binance’s native token BNB.
Binance debit card works just the same as any other bank card, except it isn’t linked to a mobile banking app, but a crypto wallet.
Crypto cards are becoming the norm
Binance lets clients top-up their card with funds through the Binance Card App and then convert their crypto holdings to fiat within seconds, which can be spent at over 46 million Visa merchants worldwide. As such, the card doesn’t directly connect to the platform’s customer account.
Whenever a cardholder makes a payment, Binance Card instantly converts Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term into other fiat currencies and automatically deducts all expenses and commissions, which yet to be disclosed.
The pre-order of this crypto debit card costs $15 and will be initially released in Malaysia, followed by Vietnam, with more countries to follow suit within the next few weeks, depending on the interest in the card, and service providers agreements.
Specially issued crypto cards are becoming the norm that is quite popular since they allow users to cash out their digital assets and spend them at thousands of credit card-accepting merchants worldwide. These cards resolve one of the greatest drawbacks of cryptocurrencies, which is the inability to use them in everyday life with the same ease as traditional currencies.
Binance CEO Changpeng Zhao took to Twitter to showcase the first beat transactions made by the influential crypto exchange’s own debit card. Binance's branded card, which has been in the works since March, would allow holders to pay for goods and services with crypto coins, providing a fiat gateway into the asset class.
The new card will be issued as a white-label product via Swipe, which Binance has acquired a majority stake in earlier this month.
I am so excited. I love beta testing products...
All real transactions. Audible/Amzn, Grab (Uber replacement), Lazada (Amzn replacement). Merchants accepts fiat, I paid in #BNB, direct from my Binance account.#Binance Card - I think I can finally go from 99% to 100% crypto. pic.twitter.com/8b60A6Cpui — CZ Binance (@cz_binance) July 10, 2020
The Binance Card in a beta version and currently available as a virtual card, which can be used for online purchases only. For POS purchases and most ATMs, the physical prepaid card is coming shortly, the exchange said.
Yet, it’s still unclear if the physical card would implement new technologies such as PIN, chip, contactless Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, and withdrawals from ATMs.
Clients can pre-select the digital wallet they want to debit when they fund the card balance. The latter can currently hold only two digital currencies, namely Bitcoin and Binance’s native token BNB.
Binance debit card works just the same as any other bank card, except it isn’t linked to a mobile banking app, but a crypto wallet.
Crypto cards are becoming the norm
Binance lets clients top-up their card with funds through the Binance Card App and then convert their crypto holdings to fiat within seconds, which can be spent at over 46 million Visa merchants worldwide. As such, the card doesn’t directly connect to the platform’s customer account.
Whenever a cardholder makes a payment, Binance Card instantly converts Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term into other fiat currencies and automatically deducts all expenses and commissions, which yet to be disclosed.
The pre-order of this crypto debit card costs $15 and will be initially released in Malaysia, followed by Vietnam, with more countries to follow suit within the next few weeks, depending on the interest in the card, and service providers agreements.
Specially issued crypto cards are becoming the norm that is quite popular since they allow users to cash out their digital assets and spend them at thousands of credit card-accepting merchants worldwide. These cards resolve one of the greatest drawbacks of cryptocurrencies, which is the inability to use them in everyday life with the same ease as traditional currencies.