Binance Confirms Rumours of Its Partnership with Swipe for Debit Card Launch
Binance, the world’s leading crypto exchange has confirmed a partnership with Swipe for its debit card launch. The news was confirmed in a now-deleted web page of the “Binance Card” FAQ section on the exchange’s website.
A cached version of the deleted web page reads “Binance has partnered with Swipe to provide a Card platform for Binance users”. This statement was in response to a question, “Who issues the Binance Card?”
The reason why the web page was later deleted is not known yet. However, a recent report by The Block news outlet stated that Binance is partnering with Swipe for its card launch. The report also noted that Binance has acquired a large stake in Swipe, although it is yet to be confirmed.
The cached version also shows that Binance Card would enable real time conversion of crypto to fiat on the Card Wallet. It said only fiat currency will be used on the Card itself, while Binance handles all of the conversions. Users will be able to transfer funds instantly from their Spot Wallet to their Card Wallet which will be available for immediate use.
The now-deleted web page further noted that the Binance Card will be used at merchants globally. Binance will aggregate the value of the Card Wallet based on the market prices of the crypto in the wallet. The aggregated balance will then be displayed in the fiat currency that the card is in.
Card holders will be able to also withdraw their funds at any ATM, so long as they are in a location that supports cash withdrawals. As The Block reported earlier, Binance Card will be issued as a white-label product via Swipe.
Binance announced the launch of a branded card during the end of March 2020. The exchange stated during that time that, Binance Card does everything a regular payment card does, plus extra features. It also mentioned Visa as the official issuer of the branded cards. However, a week after the announcement, Binance silently removed the mention of Visa from the announcement.
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