First announced in April 2020, Zhao revealed on July 10 that the Swipe-powered debit card was undergoing beta testing and that it would soon launch customers across the globe. Speaking to CoinTelegraph, Binance said that citizens of the European Economic Area (EEA) could begin applying for the Binance Card in August.
Swipe operates in over 30 countries in the EEA, including France, Germany, Italy and Spain. Plans are in place to launch the card in the United Kingdom and the United States, though no date has been announced.
The card will initially launch with Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD) and Swipe’s own SXP token. Users will be able to store crypto on the debit card which instantly converts assets to fiat when used at both online and offline merchant stores. According to the announcement, over 46 million merchants in 200 countries will be supported, including Amazon and Grab.
Binance has been making the headlines in 2020, for both positive and negative reasons. It received backlash after CoinMarketCap (which Binance owns) listed BNB as the top DeFi asset, and was one of the entities that was targeted in the Twitter hack. On the positive side, it has announced that it will launch a trading platform in the UK, besides listing popular DeFi assets MKR and DAI.