Binance Card, a crypto debit card by Binance is expected to soon enter the U.S. market. This will be possible because of the new partnership formed by Swipe which unlocks USD deposits for the US users. Swipe is a crypto commerce company owned by Binance and the card is also powered by this subsidiary as well.
According to a representative from Swipe, the firm has formed a partnership with Evolve Bank & Trust. Evolve Bank & Trust is a banking institution based in the US. Through this partnership, Swipe will be able to enable the USD checking accounts on its platform.
According to the announcement, Swipe users can directly deposit their paychecks into the accounts from Evolve Bank & Trust. These funds could be easily used to buy and sell the cryptocurrencies on-demand. All these accounts will also have insurance from the Federal Deposit Insurance Corporation.
The firm has denied revealing any further information for the Binance Card but it is mentioned that this new development card will become close to the US market. According to a spokesperson, whatever Swipe will offer, will be made available to Binance Card as well. In the next few weeks, the new feature will also be made available to it.
It is revealed that the major reason behind acquiring Swipe by Binance was to focus mainly on crypto debit cards. The firm took over Swipe back in July 2020 and the official announcement was made on July 06. Binance Card is the major product by Binance that came into existence with the cooperation of Swipe only. Since July 14, the card was debuted in different countries that come under European Economic Area. Now with its expansion in the US market, it will expand its area of operations.