Major crypto exchange Binance has announced that it will be joining forces with Swipe to launch its crypto debit card.
The official announcement made by the exchange on July 2 on its website, but this information was soon taken down.
The cached version of the Binance Card FAQ on the Binance site read:
“Binance has partnered with Swipe to provide a Card platform for Binance users. The issuer will be a financial institution that is identified on your Cardholder agreement depending on your region. Each region will have its own card issuer.”
Last week it was made public that Binance was amidst finalizing a deal that would make the company a majority shareholder in Swipe. There have been no comments from Binance representatives to confirm this contract. The exchange’s spokesperson did not disclose whether the news regarding the crypto card was true as well.
The exchange initially publicized that they wanted to issue a crypto card in a blog post on April 1, 2020. In the post, they stated that Binance Card would have the same functionalities as a usual debit card, but with some extra features.
“You simply top-up your card with funds through the Binance Card App in the form of Bitcoin or BNB, and you’re ready to go. It’s as simple as transferring BNB from one wallet to another. Your card will then use this balance for your card payments and automatically deduct all expenses from the balance every time you make payment.”- explained the exchange in its blog post.
The card would have been available to 46 million merchants offline and online in 200 regions and countries to enable quick crypto purchases all over the world.
Binance further detailed how the card would function:
“Binance Card enables real-time cryptocurrency to fiat currency conversion to use at merchants globally. Binance will aggregate the value of your Card Wallet based on the market prices of your cryptocurrency. This aggregated balance will be displayed in the currency that the card is in (eg: Euros). When you use your Card, this Card Wallet Balance will be your spending power.”
The cached version of the FAQ section also noted that users would be able to send funds from their card wallet to their exchange wallet depending on daily limits. The transfers would be carried out instantly and the funds credited immediately.
Featured image: Binance