Binance CEO Changpeng Zhao has revealed that the exchange’s Binance Card, a crypto-to-fiat card for both online and offline merchants, is undergoing beta testing. Zhao himself is participating in the testing, as revealed by a tweet posted on July 10.
Powered by Swipe, Binance first announced the Binance Card in April 2020, doing so with the intention of making cryptocurrency payments on Amazon, Grab and others a viable option. Currently, most cryptocurrency payment services have to be directly integrated with a platform in order to permit cryptocurrency transactions.
Introducing a card that can store crypto and be converted to fiat for the merchant would be a huge step up for the market, especially with the weight of one of the world’s largest exchanges behind it. Users can top up the Binance Card with either Bitcoin or BNB. Binance states that the card is supported by 46 million merchants across 200 regions.
A physical card is expected soon, though no date has been set.