Cryptocurrency exchange Binance has revealed a new product, the Binance Visa Card. The new Binance Card intends to compete with the many existing Crypto Card services, including but not limited to Coinbase Debit Card, Crypto.com card, and Swipe Crypto. The company has stated that the Card operates similarly to the existing debit cards but It will empower consumers to make payments for services and shopping with digital currencies.
The announcement included:
“At Binance, we’re always thinking about new products and services that will progress crypto further and make life easier for our users every day. Today, we’re delighted to take crypto adoption one step further and announce a product you’ve been all waiting for.”
Another Ace in Binance’s Goliath Ecosystem
The main motivation to introduce the new product is to save time for consumers and to expand Binance’s ever-growing ecosystem.
Binance has the largest user base among all Crypto exchanges and it has fiat onramps across dozens of currencies. Existing Crypto cards have been largely tailored towards North American and Europe. Meanwhile, Binance has found a user base in other countries, one underserved by existing payment card solutions.
Presently, most users across Europe and North America have to cover a complicated process for transactions. With Binance Card, the process will be secure and swift. As the VISA ecosystem is supporting the Card, it is trusted in more than 200 countries.
Currently, the Card is under development. However, Malaysia and Vietnam will be the initial markets to introduce the product, potentially within the next 2 quarters. Binance will charge a $15 flat fee to Card applicants, and the price will only be applied once. To further tie in the Binance system, the company will allow users to recharge the Card and pay the one-time fee through Binance user dashboards.
Crypto Cards are an odd take on Bitcoin adoption. Rather than push transactional usage of the cryptocurrency, they enable payments in fiat for Crypto holders. Subsequently, merchants never need to accept Crypto as the holders willingly convert it to fiat.