Leading cryptocurrency exchange Binance has announced the launch of its debit card in Ireland, as it joins the ever-growing market for fintech services. The Binance Card is gradually going into the crowded consumer fintech product field where mainstays like N26 and Revolut have gained enough user bases. Another renowned cryptocurrency firm, Coinbase, launched its card last year and expanded its debit card to other European countries.
Binance is based in Malta but founded by a Chinese. The firm is the largest crypto exchange company in the world by trading volume.
Director of European growth at Binance, Josh Goodbody, explained that the card will come in handy for connecting the user base of the exchange and everyday spending needs. He further said that most of the crypto payment cards are prepaid ones that allow users to load the card by converting their crypto to a mainstream currency like euro before it can be utilized at the point of sale (POS).
“What consumers have been missing in Europe is not suitable for ad hoc spending, but something that you can use in your day-to-day life,” Josh pointed out.
He said the all-purpose daily solution enables the firm to debit the crypto coin from the user’s account before converting that to fiat currency in real-time.
Binance card is linked with Visa network
The Binance card was designed with the help of a startup known as Swipe, and it will use the Visa network to operate. The Swipe startup builds a crypto-wallet as well as conversion tech, which Bitcoin bought in June this year.
Josh reiterated that the card will be consumer-friendly, as it will help in automating the transaction process and boosting adoption. Cryptocurrencies like Bitcoin can fluctuate heavily in value. However, it has a gain interest in speculative interest instead of ordinary daily spending.
Coinbase trading similar part
Binance is not the only exchange firm that has rolled out debit card services for its users. Another renowned cryptocurrency firm Coinbase has also launched its crypto debit card services in Netherlands, Ireland, Italy, France, Germany, as well as Spain.
The Coinbase card enables users with Coinbase accounts to cryptocurrencies like Litecoin, Ethereum, and Bitcoin online and in stores at any merchant that accepts Visa. As it stands, it seems several exchanges favor collaboration with Visa rather than other card services, as both Coinbase and Binance are issuing Visa-based cads.