Binance Card Moves Closer to its U.S. Launch with Swipe's Latest Partnership

Key highlights:

• Binance-owned crypto platform Swipe has partnered with Evolve Bank & Trust to launch USD deposits and USD checking accounts
• Swipe revealed that all features offered on its platform will be made available to Binance Card holders
• Binance Card debuted on July 14 in the countries of the European Economic Area
• Some consider the newly established partnership to be Binance's first move towards launching the Binance Cards in the U.S.

A recently established partnership between Binance-owned crypto commerce company Swipe and Evolve Bank & Trust has sparked rumors that Binance Card is going to launch in the U.S. soon.

Swipe enables USD checking accounts

Swipe announced on Monday, August 31, that their platform has partnered with U.S.-based banking institution Evolve Bank & Trust to enable its users to open USD checking accounts. These accounts could also be used for receiving the users' paychecks, while the liquidity on the account could later be used to buy and sell cryptocurrencies through Swipe's on-demand crypto trading feature. The Swipe executives also claim that the funds on the accounts will be protected by the Federal Deposit Insurance Corporation up to certain limits.

All Swipe services will be accessible to Binance Card holders

While Binance and the Binance-owned Swipe did not officially disclose what this partnership means for the availability of the Binance Card, the community was soon flooded with speculation that this is Binance's first step towards launching the Binance Card in the United States. In fact, a Swipe representative did admit that: 

“Everything Swipe offers becomes available for Binance Card.”

The spokesperson added that we can expect the public roll-out of the next new feature “in the next few weeks.” 

In the beginning of July, we have reported that Binance has partnered with Swipe to kickstart its crypto-backed debit card offering. On July 6 both companies involved in the deal revealed that the move was actually an acquisition rather than a partnership. Just a few days later, on July 14, the Binance Card rolled out in the countries of the European Economic Area (EEA).

Although crypto-backed debit cards are sometimes criticized for not actually performing any transactions on the blockchain, such cards are becoming more and more popular since they allow holders to spend their crypto assets for everyday purchases.