One of the most anticipated products by the crypto community in recent months is Binance Card. The Binance-designed debit card, with which they hope to connect the crypto market with traditional retail. Allowing users to make purchases of goods and services with their cryptocurrency balance. Something that seems closer than ever, now that Changpeng Zhao is demonstrating the use of the Binance Card through his Twitter account.
The usefulness of Binance Card
Cryptocurrency-based debit cards are one of the most important products for the expansion of the crypto world. Well, one of the big problems for the development of crypto assets such as Bitcoin, is the limited acceptance that virtual currency has in traditional businesses. This prevents crypto users from acquiring goods and services using their cryptocurrencies, having to resort to traditional fiat money.
It is there where cards such as Binance Card, shown by Changpeng Zhao, would enter. Which connect the world of retail with the crypto market.
In this way, when a crypto user tries to pay for a product using a cryptocurrency-based debit card, the payment is automatically discounted from their virtual currency wallet. Which is converted into fiat money according to the market rate, and fiat money deposited in the merchant’s account.
In this way, the long waiting periods that characterize transactions on the Bitcoin Blockchain are avoided. Converting the acquisition of goods and services with crypto cards, in a process as simple as making payment with fiat money. Satisfying the merchant who wants to receive their payment immediately, and the buyer who does not want to use traditional currencies.
For this reason, it is not surprising that Binance has devoted much of its effort in recent months to developing the Binance Card. For which, he not only had to improve his exchange platform. If not, he even acquired Swipe, a company that had been dedicated to the processing of cryptocurrency card payments for a while.
Changpeng Zhao shows card usage
An effort that seems to have been worthwhile. Well, yesterday Changpeng Zhao, the founder and CEO of Binance, communicated through his Twitter account that he had carried out the first test with the Binance Card. Resulting the same in a success for the company.
“I am so excited. I love beta testing products… All transactions are real. Audible / Amzn, Grab (Uber replacement), Lazada (Amzn replacement). Merchants accept fiat, I paid in #BNB, directly from my Binance account. #Binance Card – I think I can finally go from being 99% to 100% cryptoChangpeng Zhao wrote on his Twitter account.
Thanks to this, the Binance Card can be expected to be available to users of the exchange in the short term. This is an important advance for the crypto world. Since, from now on, users who wish to do so will be able to carry out all their transactions using cryptocurrencies. As easily and quickly as they did so far with fiat money. Reason why we chose this as our Today’s Data here at CryptoTrend.