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The long-awaited project of a physical payment card from the Binance Group was finally made possible by the acquisition of Swipe. Swipe holds a license for a Visa debit card that enables all kinds of transactions to be carried out using cryptocurrency. Following this deal, Binance officially announced the release of the Binance Card in Europe with the ambition to soon expand to the United States.
This would be made possible through the Swipe company which itself just concluded a partnership that should make direct deposits in USD possible. The partnership is with Evolve Bank & Trust
Through this partnership, Swipe customers will be able to open U.S. dollar checking accounts that will be available through its app. They will be able to deposit their paychecks directly into these accounts and use the funds to perform cryptocurrency transactions on demand. The accounts will include Federal Deposit Insurance Corporation (FDIC) insurance up to the applicable legal limits as specified by the executives of both structures.
Swipe’s CEO, Joselito Lizarondo, was quick to comment on the benefits that the company was receiving from the agreement. “The partnership with Evolve Bank & Trust allows Swipe to offer a simplified banking experience while using the user-friendly Swipe Wallet application. Users will have access to the same chequing account features that most banks offer, but at no cost,” he said. More than just integration, Swipe hopes to expand into the U.S. market as quickly as possible. Their schedule calls for the service to be available in the next quarter of 2020.
With this partnership, we can expect that the Binance Card issued by Swipe will quickly become available in North America. Even if no official announcement has been made on the subject yet,we can already guess what features Binance users will benefit from based on the already announced Swipe card available in the EU. According to an internal Cointelegraph source, the announcement should even be imminent because: “Everything Swipe offers becomes available for the Binance Card”. Swipe should be responsible for the plans for the Binance Card in the US market as well.
This should help Binance reach a new market of people who have heard and are interested in cryptocurrency but are confused about actually buying and selling crypto. By the way, for information about where the best place to buy cryptocurrency is, look no further than our website’s homepage.