Use bitcoin and other digital currencies to make daily debit card purchases? This possibility will be a reality in some countries in Asia through the Binance Card, announced this Thursday (26) by Binance, the largest cryptocurrency broker in the world.
As a result of a partnership with Visa, the Binance Card is part of the company's strategy to promote the global adoption of cryptocurrencies in a tangible way.
According to a press release, the card will be accepted by about 46 million Visa partners worldwide, covering more than 200 regions and territories both in-store and online.
The Binance Card works like a normal debit card issued by a bank. It works in prepaid mode, in which the user deposits funds before making payments, without having to pay monthly or annual fees. A one-time payment of $ 15 is required to purchase it.
“We see the Binance Card as another step towards making crypto even more useful. The Binance card does everything a normal payment card does, plus much more. Users don't have to worry about monthly or annual fees for other cards and can expect exclusive features to be launched this year, ”said Josh Goodbody, Binance's growth director, in the press release.
Use of cryptography in everyday life
The novelty is still restricted to countries in Southeast Asia. However, interested parties from all over the world can register on the Binance website to be notified when the card is available in the region where they live.
Those who already have the news available will be able to manage their accounts through the Binance Card application. The tool should be available, in beta, for download on Android and iOS smartphones in the coming weeks.
The Binance Card app will allow users to deposit bitcoins or Binance Coins (BNB) directly from their Binance.com account, view transaction history, manage a password, withdraw funds and access customer support.
Binance's CEO, Changpeng Zhao, also known as CZ, says the use of cryptocurrencies as payment is still one of the major challenges for its dissemination. The arrival of the new card, he said, helps to shorten this path.
"We believe that the Binance Card is a significant step in encouraging the wider use of cryptocurrencies and another step towards global adoption."
Eye on Latin America
The Binance Card is not yet available for Brazil and other Latin American countries. However, the broker has also been making announcements aimed at the region.
On the 18th, Binance launched a P2P (point-to-point) trading system for Latin America, with five currencies from the continent, including the Brazilian Real (BRL) and the Argentine Peso (ARS).
Through the platform, users can directly buy and sell five cryptocurrencies (BTC, ETH, USDT, BNB and BUSD) using fiat currencies from Latin American countries, without fees.
The integration allows users to choose vendors and payment methods for their operations and transfer cryptocurrency assets to any Binance wallet for free.
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