The company announced today that Binance, a cryptocurrency exchange, has begun issuing its crypto Visa cards to customers in the European Economic Area.
According to the announcement, users can spend up to 8,700 euros per day with the Binance card and withdraw up to 290 euros at ATMs. Also, cardholders are entitled to up to 8% cashback when shopping. However, you must be a whale and own a large number of Binance Coins to take full advantage of this offer.
Binance listed one of the other benefits of its physical card, which is free and won’t charge any fees until 2021. Also, the exchange claims that this is supposedly the “coolest card in your wallet.”
Binance also announced that its physical card now supports Ethereum.
“Rather pay with your Ethereum profits? From now on, you can buy the things you love with Ethereum. Simply transfer Ethereum to your Card wallet and drag it above the other coins to make it the preferred payment asset,” the exchange noted.
Binance purchased Swipe for crypto debit card
As Decrypt reported, Binance acquired Swipe, a multi-currency digital wallet and Visa debit card platform, and cancelled its crypto debit card plans in July.
However, former Swipe users found today that their existing card wallets are not compatible with Binance Card. The exchange confirmed and later explained this.
“Very sorry to say but it is not possible to have the Binance Card & Swipe as it has the same issuing bank,” said Binance Nederlands, adding, “Either stop with Swipe and switch or stay with Swipe!”
Bitcoin cashback rewards platform Fold has also started shipping its physically crypto debit card, which was co-created with Visa. However, it is currently only available in the US.