15 Dec 2020 Samantha McLauren
Binance Visa Cards Now Available To EEA Customers
The largest crypto exchange to date, Binance, announced a long-awaited update to its card issuance policy, as customers in the European Economic Area (EEA) would receive physical Binance Visa cards.
The update affects both new customers, as well as the ones that already pre-ordered a physical Visa card through the Binance app. The users who pre-ordered the card can now complete the card issuance and delivery process directly in their wallets.
Furthermore, Binance also added Ethereum as a payment method in the crypto debit card. The added Ethereum support means users can use their Ethereum tokens as a preferred means of payment almost anywhere in the world. “Simply transfer Ethereum to your Card wallet and drag it above the other coins to make it the preferred payment asset,” Binance noted in its announcement.
The card comes with a daily spending limit of 8,700 euros (around $10,600), and daily ATM withdrawals of 290 euros ($350). Also, Binance enabled up to an 8% cash back feature, according to the amount of 30-day average BNB staked. For example, if a user staked 50 BNB during the 30-day average period, a 3% cashback is unlocked. The card also comes with zero fees until 2021.
Another feature of the Binance Visa card would be the addition of a new tier in payment processing. According to the exchange, “sometimes vendors can take weeks before confirming a payment even though you paid for it.” To avoid any possible confusion, Binance added the Paid option, if a transaction is successful. The order status would turn into successful once the merchant or ATM confirms the transaction.
The largest exchange to date first announced the launch of its EEA crypto debit card back in July 2020, noting that for those who want a physical card, we will process these within the next couple of months.” Now, after nine months of actively pushing the new product, Binance announced that the exchange is targeting even wider markets, Russia included.
Meanwhile, the exchange also announced a piece of welcoming news for the football fans, as Binance’s Launchpool began offering support for the Paris Saint-German (PSG) and Juventus (JUV) tokens. In a partnership with Chiliz, Binance plans to include both PSG and JUV tokens into its trading platform. According to the announcement, the farming process begins on December 15, UTC zone.
About 20 million PSG and JUV tokens will be put into circulation, as a percentage of the amount will be given as rewards. Currently, 10% of the rewards are allocated to Binance Dollar, 20% would go towards Chiliz pools, while the majority of the rewards (70%) are for BNB pools.
Users can get their rewards by staking tokens for up to 30 days, providing an instant marketplace for the farmed assets.
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