Per the announcement, Binance Card will allow users to spend up to €8,700 and retrieve up to €290 at ATMs per day. Additionally, cardholders will be eligible for up to 8% cashback on their purchases—although you have to be a whale and hold a significant amount of Binance Coins to fully enjoy this offering.
Among other perks of its physical card, Binance listed the fact that it’s free and will have zero fees until 2021. Plus, the exchange claims it’s ostensibly the “coolest card in your wallet.”
Binance also announced that its physical cards now support Ethereum.
“Rather pay with your Ethereum profits? From now on, you can buy the things you love with Ethereum. Simply transfer Ethereum to your Card wallet and drag it above the other coins to make it the preferred payment asset,” the exchange noted.
As Decrypt reported, Binance acquired Swipe, a multi-currency digital wallet and Visa debit card platform, boosting its plans for a crypto debit card in July.
However, previous Swipe users have discovered today that their already existing card wallets are not compatible with Binance Card. The exchange later confirmed and explained this.
“Very sorry to say but it is not possible to have the Binance Card & Swipe as it has the same issuing bank,” said Binance Nederlands, adding, “Either stop with Swipe and switch or stay with Swipe!”
Bitcoin cashback rewards platform Fold has also begun shipping its physical crypto debit cards—similarly created in partnership with Visa. But for now, it’s only available in the US.