Binance’s cryptocurrency exchange’s cryptocurrency-based debit card initiative has been mentioned before. The stock market, which came to the fore with the agreement with Visa and later its breakdown, now continues to expand the region of the debit card with Visa support.
Binance Launches Visa Card
In a statement made by Binance today, it was emphasized that the debit card named Binance Visa Card is made ready for use in the European Economic Area. The card was introduced in July of this year. So how exactly does this debit card work?
In fact, all cryptocurrency-based debit cards use a similar system. After users deposit their accounts with supported cryptocurrencies, the rest of the transaction is handled by the exchange. When the user wants to make a transaction of 10 TL, the selected or selected crypto currency is instantly converted into fiat money at the current rate and the transaction is completed in this way. In the card of the giant exchange, crypto money funds are taken directly from the user’s stock exchange account.
The statement published by Binance included the following statements:
“This card with swipe support works just like traditional debit cards. However, the difference in this system can be explained by using cryptocurrencies such as BTC, BNB, SXP and BUSD instead of fiat currency on your card. Your card is directly linked to the Card Wallet section in your account and you can transfer funds from your spot wallet at any time. “