Binance exchange has achieved significant things in 2020 and it is now ending the year with a cryptocurrency-backed Visa payment card. This has made it to be among a few firms that are offering digital currency cards.
On December 15, 2020, the company announced using its Twitter account that they have started shipping cards. This crypto-backed card was first announced in March 2020. So far, the Visa payment cards are operating in the European Economic Area (EEA) and other parts of the world.
The Physical Binance Visa Card allows users to convert and spend their favourite cryptoassets at over 6 million merchants globally. The use of the card is still free until the beginning of 2021, and users can spend up to a limit of about $10,580 daily.
Using this card, users can purchase goods they want and pay with Ethereum (ETH), and other coins being supported by the service.
From the look of the things, it seems the Binance cards still have some flaws. Users are complaining that they are facing some errors with Swipe, a digital currency and fiat currency wallet. For instance, a Twitter user called Viveredirete commented that “there's an error "cannot bind swipe account" when you try to get one.”
Binance is not the only exchange or company offering such a product. Therefore, it is facing stiff competition in the market. Giant companies like Crypto.com, are also providing the same services – such as Spotify memberships, offers cashback rewards, offers discount Airbnb as well as Expedia bookings, using cryptocurrencies.
Other fintech companies such as Coinbase, Circle and BlockFi are heavily delving into the potential of cryptocurrency. The latter recently unveiled its own card that gives about 1.5% BTC cashback to its clients and other juicy bonus rewards. The card will be functional by early next year to the US users.
In February this year, Coinbase cryptocurrency exchange also announced its Visa cards – the company expects to expand its cards to reach more places of the world. The cryptocurrency community and the payment world now has a variety of options to choose from.