Multi-currency digital wallet Spend now allows users to spend their Binance Coin (BNB) tokens at over 40 million merchants worldwide by using the crypto ATM VISA card, and Spend app.
With the addition of BNB, the total number of digital currencies supported by Spend has gone up to 15.
Binance CEO Hails the Move
Spend aims to make crypto trading simpler by enabling users to buy and sell digital currencies directly from their bank accounts and transfer funds to more than 180 countries using the Spend app.
The platform also supports real-time crypto-to-fiat conversion, which is a handy way for users to spend from their crypto stash anytime, anywhere.
Additionally, the app also supports real-time fiat-to-fiat and crypto-to-crypto conversions. There are three fiat options to choose from: USD, CAD, and EUR.
Besides the digital wallet, Spend is also offering three categories of Visa cards — Spend Simple, Spend preferred, and Spend Black — that users can shop with at more than 40 million merchants all over the world.
A new card has to first go through an identification process using the Spend app. Upon receiving the physical card, users can link it to their Spend digital wallet and load funds using any fiat or cryptocurrency of their choice.
#Binance Coin is now available on the #SpendApp. Buy/Sell $BNB with your bank account. Exchange $BNB with all supported assets. Spend $BNB at 40+ million locations with the Spend Wallet by instantly converting to fiat with the #Spend Visa® Card!@cz_binance @binance @Teddy_Lin pic.twitter.com/JUUGwvhPMf
— Spend.com (@SpendCard) February 15, 2019
With such a wide range of choice, BNB’s association with Spend will definitely add to the charm of the coin — especially when it comes to everyday usage.
No wonder that Binance CEO Changpeng Zhao hailed it as an “awesome” move while pointing out that among other perks, users can now also withdraw from their BNB stash using a credit card.
— CZ Binance (@cz_binance) February 15, 2019
Just Another Crypto Debit Card?
The popularity of crypto debit cards such as the ones offered by Spend is largely driven by their ability to let consumers use their crypto holdings across all merchants including those with old school POS devices that don’t accept crypto payments.
Despite this advantage that makes crypto more user-friendly for everyday purchases, setting up these debit cards tend to be somewhat pesky because of money transmitting and banking regulations laws.
Because of these factors, these cards haven’t been as widespread as initially anticipated barring in a select few jurisdictions. And the prolonged bear market hasn’t been much of a help either to overcome that.
All being said, cryptocurrency debit cards are certainly not a new concept and Spend will have to overcome the turf war against the likes of FuzeX, Paycent, TenX, Wirex, and other competitors that offer more or less the same set of services.
One advantage Spend enjoys over most of its rivals is its support to a wider range of cryptocurrencies. But whether or not that’s enough to give it a higher market penetration is a question only time can answer.