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Wilfred Victor
May 4, 2021
The concept of crypto debit cards has made sense to investors with digital knowledge for a long time. It is important that people understand how these cards operate, as they are likely to see increased adoption in the future.
Three Prominent Crypto Debit Cards
The world of cryptocurrencies and blockchain has always been filled with innovation and unique developments. These developments are ordinarily aimed at bringing in new investors who will then boost the market. Crypto debit cards are one of such developments over the years, as user demand required a bridging between traditional payment and cryptocurrency. There is no longer a need to sell crypto for fiat to make a purchase or to send crypto to merchants for conversion before purchase. With Crypto debit cards, you can hold or spend crypto at your leisure and get rewards for your spending actions.
What is a Crypto Debit Card?
Crypto debit cards combine the world of crypto and blockchain service and give users physical access to their currencies. Users do not have to worry about having their Tokens/Coins converted to liquid for purchase with the debit card. It is up to the user whether they back these crypto purchases with traditional Fiat backing; transactions/purchases are made directly with cryptos and do not require the user to hold physical currency in their account.
Currently, there are three prominent crypto debit card services on the scene, with each offering essential and unique services to its users:
- Crypto.com
- Binance
- FTX
Crypto.com Debit Card
Of the three mentioned and prominent cards, Crypto.com is the earliest to be established, long before the Binance and FTX cards.
The Crypto.com Visa Debit Card is a rebranding of the Monaco card that was completed in September 2018. The card is currently shipping to regions including Singapore, the USA, and the countries in the European Union. Top up fiat with Crypto.com and get back up to 8% for transactions done, no issuance fees, no annual fees, ATM withdrawal fee-free up to $400.
The card currently supports BTC, ETH, LTC, XRP, PAX, TUSD, EOS, and XLM (EOS and XLM available in selected states in the US), intending to support more cryptos in the future.
The card supports GBP, USD, HKD, EUR, JPY, SGD, and AUD on the Fiat side. The addition of other Fiats is planned.
The platform offers five card types; Midnight Blue, Ruby Steel, Jade Green/Royal Indigo, Icy White/Frosted Rose Gold, and Obsidian Black. Each of these card types comes with exclusive benefits and deals (ex. A higher amount of ATM withdrawals with no fees), which requires a staking amount before use of the card.
A recent partnership with Booking.com exposes the platform more to the traditional users available on Booking.com, offering the traveling service platform, the entrance opportunity to the world of Crypto, and the Crypto.com card users the opportunity to travel paying with their Crypto.com Visa Debit Card.
Binance Card
Top crypto exchange Binance issued its Visa Debit Card on the 1st April 2020, one year ago, accepted in over 46 million merchants offline and online in 200 regions and territories, making shopping with crypto more accessible than ever.
The card is created to do everything regular cards do, aiming to cover more countries and regions as indicated. The card comes with benefits which include;
- Zero Fees: The Binance Card is free of fees; only a one-time payment of $15 is required. Binance will not charge administrative or processing fees and no annual costs or charges.
- Your Funds are SAFU: Your crypto balance on your Binance portfolio is protected with high-grade security as well as your cards.
- 8% Cashback: Binance offers up to 8% cashback on all eligible purchases made with your Visa Debit Card.
- Hold and Exchange Crypto: With your Debit card, you can hold and exchange crypto when you need to at your pace and convenience.
Binance currently only uses BNB and BTC coin for purchase payment and the metallic is issued by Swipe.
FTX US Card
FTX exchange has launched its FTX US card that services the US region exclusively for now. Pay for goods and services using your FTX US account at millions of merchants worldwide, without the need to transfer your funds to a bank account.
The card is also issued by Swipe Visa, same as Binance, but debit can be done with any of the balance on the holder’s FTX balance, unlike Binance, which allows only BNB and BTC. The service is currently exclusive to US residents with SSN, and metallic cards are planned.
The platform also planned to expand crypto debit card reach, including the millions of Blockfolio users, one of its recent acquisitions.
The Significance of Crypto Cards
The issuance of these cards will aid the purchase of goods and services directly with crypto instead of first converting to fiat. That changes the game for a lot of people and the entire industry. It is also making the real-life application of blockchains more and more realistic, and no doubt future innovation will be built off of this development.
Any Weaknesses?
Right now, there are no reported weaknesses or downside of the already issued crypto Debit Cards in circulation; as with other cards in the traditional system, failure to keep your metallic cards safe may result in loss of funds. However, Binance has assured high-grade security for its debit card users, and the other providers also have expressed concern for keeping user assets protected.
Concluding Thoughts
FTX card emergence has thrown the industry into what is known as the Debit Card War. The new entrance into the field, Gemini Exchange’s planned debit card issuance, joins a host of other blockchain services making their debut into this field.
These developments will help drive mass adoption of cryptocurrency into traditional financial formats. Making traditional transactions possible using Crypto Debit services is an innovation many users have been waiting for, and this possibility will bring in new investors who were previously wary of the low accessibility of crypto.
For people interested in more information, here are links to sources regarding cryptocurrency debit cards.
FTX
https://help.ftx.us/hc/en-us/articles/1500004008701-Swipe-FAQ
https://www.financialnewsherald.com/2021/03/18/ftx-launches-a-virtual-ftx-u-s-card/
Binance
https://www.binance.com/en/cards
Crypto.com
https://www.cryptowisser.com/card/crypto-com-visa-card/
Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto! Check out the DeFi Direct Linktree for all the access links!
For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.
This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2000. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2000. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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January 28, 2022
Socios.com Sues Argentine Football Federation Over Binance Deal
Web3 crypto competitors have finally come head-to-head after a year long expansion into worldwide sports.
Socios Sues AFA
As Binance announced its partnership with the Argentinian FA in the past week, the news was not met with plaudits by Socios. Socios has filed a complaint against the footballing organization.
Judge María José Gigy Traynor of the Argentinian National Commercial Court ordered the AFA to honor three contracts previously agreed with Socios. The contracts in question were acquired and reported on by Coindesk’s Andrés Engler on January 27. In a statement to CoinDesk, the AFA had recognized the injunction but underlined its intention to appeal.
The AFA then began picking up on its own frustrations claiming:
- The Argentina token was not sufficiently promoted
- Several issues in the use of images of the national team and league
Socios has refuted these claims, notifying CoinDesk that they have made all outstanding payments to the AFA and have no obligations for further payment. A likely instigator for the payment squabble may come from the broad market drawback which has also seen the AFA token plummet by over 50% since the summer, according to CoinMarketCap.
Many speculate that what has precipitated the recent partnership between the AFA and Binance is potentially a higher offer that was otherwise not matched by Socios. The AFA has refuted this assumption, but Binance will do well to let this dispute play out while they remain in the background.
Whether these speculations will be confirmed is another matter, as the courts proceed to examine contractual obligations and seek to determine who is in the wrong.
BSC News will be following closely as the story develops.
What is Socios.com
Socios.com is the official crypto wallet and trading platform for some of the biggest sports teams in the world. The site is an innovative fan engagement platform that was created for the Chiliz blockchain. The Socios platform provides the owners of the fan tokens with access to voting rights in polls, VIP rewards, exclusive club, and sponsor promotions, AR-enabled features, chat forums, games, and competitions. Socios.com aims to introduce millions of new fans from around the world to the benefits of Fan Tokens in 2022 with new innovations, features, and rewards to be added throughout the year.
Follow Socios:
January 28, 2022
Babylons NFT Teams with Jigen for Luxury Fashion NFTs
The partnership would see luxury fashion NFTs come to the Babylons NFT marketplace in the future.
Babylons Secures Partnership With Jigen
Leading game aggregator and Non-Fungible Token (NFT) marketplace on Binance Smart Chain (BSC), Babylons, has partnered with Jigen to bring luxury fashion NFTs to its users.
Jigen offers a multi-chain ecosystem, enabling Luxury NFTs interaction in secondary markets like Babylons. Both protocols would merge to build the hype of fashion and luxury in the NFT space. Babylons took to Twitter on January 27th to announce the partnership deal.
“Babylons new partnership with @jigenapp. Jigen is the first #NFT gateway for fashion and luxury items in the #Metaverse and #gaming ecosystem. Jigen is an all-in-one solution for brands to bridge their business into the #blockchain space,” Babylons tweeted.
With Jigen, NFT enthusiasts and business owners would display their fashion items to the metaverse and gaming ecosystem. The partnership would ensure that Jigen users display their wearables and trade them on the Babylons NFT marketplace. In addition, the Babylons community would have the license to purchase exclusive Luxury NFTs, adding more utility to the Babylons’ $BABI token.
What is Babylons?
Babylons is a community-governed NFT marketplace on Binance Smart Chain for creators, investors, users, and collectors. The platform has many unique features, including its low-cost minting, weekly rewards, and a Decentralized Autonomous Organization (DAO) governance that puts the power in the community’s hands.
Where to find Babylons:
Website | Twitter | Telegram | Medium
What is Jigen?
Jigen is an NFT gateway for Fashion and Luxury items in the metaverse and gaming ecosystem. The protocol focuses on a three-point plan to build its brand, offer exclusive NFT drops through its Launchpad, and create custom NFT works for companies and projects.
Learn more about Jigen through the following links:
What is a Crypto Debit Card and How to Choose
The concept of crypto debit cards has made sense to investors with digital knowledge for a long time. It is important that people understand how these cards operate, as they are likely to see increased adoption in the future.
Three Prominent Crypto Debit Cards
The world of cryptocurrencies and blockchain has always been filled with innovation and unique developments. These developments are ordinarily aimed at bringing in new investors who will then boost the market. Crypto debit cards are one of such developments over the years, as user demand required a bridging between traditional payment and cryptocurrency. There is no longer a need to sell crypto for fiat to make a purchase or to send crypto to merchants for conversion before purchase. With Crypto debit cards, you can hold or spend crypto at your leisure and get rewards for your spending actions.
What is a Crypto Debit Card?
Crypto debit cards combine the world of crypto and blockchain service and give users physical access to their currencies. Users do not have to worry about having their Tokens/Coins converted to liquid for purchase with the debit card. It is up to the user whether they back these crypto purchases with traditional Fiat backing; transactions/purchases are made directly with cryptos and do not require the user to hold physical currency in their account.
Currently, there are three prominent crypto debit card services on the scene, with each offering essential and unique services to its users:
- Crypto.com
- Binance
- FTX
Crypto.com Debit Card
Of the three mentioned and prominent cards, Crypto.com is the earliest to be established, long before the Binance and FTX cards.
The Crypto.com Visa Debit Card is a rebranding of the Monaco card that was completed in September 2018. The card is currently shipping to regions including Singapore, the USA, and the countries in the European Union. Top up fiat with Crypto.com and get back up to 8% for transactions done, no issuance fees, no annual fees, ATM withdrawal fee-free up to $400.
The card currently supports BTC, ETH, LTC, XRP, PAX, TUSD, EOS, and XLM (EOS and XLM available in selected states in the US), intending to support more cryptos in the future.
The card supports GBP, USD, HKD, EUR, JPY, SGD, and AUD on the Fiat side. The addition of other Fiats is planned.
The platform offers five card types; Midnight Blue, Ruby Steel, Jade Green/Royal Indigo, Icy White/Frosted Rose Gold, and Obsidian Black. Each of these card types comes with exclusive benefits and deals (ex. A higher amount of ATM withdrawals with no fees), which requires a staking amount before use of the card.
A recent partnership with Booking.com exposes the platform more to the traditional users available on Booking.com, offering the traveling service platform, the entrance opportunity to the world of Crypto, and the Crypto.com card users the opportunity to travel paying with their Crypto.com Visa Debit Card.
Binance Card
Top crypto exchange Binance issued its Visa Debit Card on the 1st April 2020, one year ago, accepted in over 46 million merchants offline and online in 200 regions and territories, making shopping with crypto more accessible than ever.
The card is created to do everything regular cards do, aiming to cover more countries and regions as indicated. The card comes with benefits which include;
- Zero Fees: The Binance Card is free of fees; only a one-time payment of $15 is required. Binance will not charge administrative or processing fees and no annual costs or charges.
- Your Funds are SAFU: Your crypto balance on your Binance portfolio is protected with high-grade security as well as your cards.
- 8% Cashback: Binance offers up to 8% cashback on all eligible purchases made with your Visa Debit Card.
- Hold and Exchange Crypto: With your Debit card, you can hold and exchange crypto when you need to at your pace and convenience.
Binance currently only uses BNB and BTC coin for purchase payment and the metallic is issued by Swipe.
FTX US Card
FTX exchange has launched its FTX US card that services the US region exclusively for now. Pay for goods and services using your FTX US account at millions of merchants worldwide, without the need to transfer your funds to a bank account.
The card is also issued by Swipe Visa, same as Binance, but debit can be done with any of the balance on the holder’s FTX balance, unlike Binance, which allows only BNB and BTC. The service is currently exclusive to US residents with SSN, and metallic cards are planned.
The platform also planned to expand crypto debit card reach, including the millions of Blockfolio users, one of its recent acquisitions.
The Significance of Crypto Cards
The issuance of these cards will aid the purchase of goods and services directly with crypto instead of first converting to fiat. That changes the game for a lot of people and the entire industry. It is also making the real-life application of blockchains more and more realistic, and no doubt future innovation will be built off of this development.
Any Weaknesses?
Right now, there are no reported weaknesses or downside of the already issued crypto Debit Cards in circulation; as with other cards in the traditional system, failure to keep your metallic cards safe may result in loss of funds. However, Binance has assured high-grade security for its debit card users, and the other providers also have expressed concern for keeping user assets protected.
Concluding Thoughts
FTX card emergence has thrown the industry into what is known as the Debit Card War. The new entrance into the field, Gemini Exchange’s planned debit card issuance, joins a host of other blockchain services making their debut into this field.
These developments will help drive mass adoption of cryptocurrency into traditional financial formats. Making traditional transactions possible using Crypto Debit services is an innovation many users have been waiting for, and this possibility will bring in new investors who were previously wary of the low accessibility of crypto.
For people interested in more information, here are links to sources regarding cryptocurrency debit cards.
FTX
https://help.ftx.us/hc/en-us/articles/1500004008701-Swipe-FAQ
https://www.financialnewsherald.com/2021/03/18/ftx-launches-a-virtual-ftx-u-s-card/
Binance
https://www.binance.com/en/cards
Crypto.com
https://www.cryptowisser.com/card/crypto-com-visa-card/
Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto! Check out the DeFi Direct Linktree for all the access links!
For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.
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