Cryptocurrency exchange Binance and financial services company Mastercard unveil instant crypto-to-cash conversions in Europe, enabling users to easily convert digital currencies into fiat money.
Binance, the leading cryptocurrency exchange by trading volume, has announced a new partnership with Mastercard Move, a money transfer service by Mastercard. This collaboration aims to make digital assets more accessible and practical for everyday use.
The partnership introduces two new features: 'Sell to Card' and 'Withdraw to Card'. With these features, users in the European Economic Area and the United Kingdom can convert their cryptocurrencies like Bitcoin, Ether, or other supported tokens directly into euros. The funds are then sent to the user's Mastercard without delay, offering a near real-time processing experience.
The 'Sell to Card' feature allows users to sell their crypto assets on Binance and transfer the fiat equivalent (euros) instantly to their eligible Mastercard. Alternatively, users who already have euros in their Binance account can withdraw that balance to their Mastercard without converting crypto, using the 'Withdraw to Card' feature.
This streamlined process bypasses traditional bank transfer delays by leveraging Mastercard Move technology, enabling near-instant settlement and reducing reliance on banking intermediaries. This offers a fast, secure, and convenient method for accessing funds for everyday spending, online purchases, or ATM withdrawals with the linked Mastercard card.
Thomas Gregory, Vice President of Fiat at Binance, stated that the new features were built with users in mind and streamline the user experience. Scott Abrahams, Executive Vice President of Global Partnerships at Mastercard, expressed enthusiasm about the partnership with Binance, aiming to provide an enhanced payout experience to Binance users across Europe through Mastercard Move.
Binance's ongoing efforts to streamline the user experience are evident in this partnership. The collaboration is a clear example of efforts to make digital money more practical for everyone, as demonstrated by the process of using the new features, which Binance calls a way to move crypto to fiat in "near real time" with just a few taps.
To use the new card-based withdrawal option, customers must go to the "Buy & Sell" section on the Binance app or website, pick either "Sell" or "Withdraw", and then choose "Card" as the payment method. If their Mastercard hasn't been added before, they will need to link it.
This partnership is a significant step toward bridging crypto assets and traditional finance for retail users, enhancing liquidity and usability of crypto assets in daily life by turning them into immediately spendable fiat currency on Mastercard cards for European Economic Area (EEA) users and the UK. Binance continues to expand its efforts to make digital assets more accessible, including the growth of its peer-to-peer network and the introduction of crypto-backed loans in certain areas.
- The new 'Sell to Card' and 'Withdraw to Card' features on Binance, in partnership with Mastercard Move, allow users to quickly convert cryptocurrencies like Bitcoin, Ether, or other supported tokens into euros, making digital assets more practical for everyday use within the finance and lifestyle industry, thanks to the integration of technology.
- This collaboration between Binance and Mastercard not only bypasses traditional bank transfer delays by leveraging Mastercard Move technology for near-instant settlement, but also offers a secure and convenient method for accessing funds for everyday spending, online purchases, or ATM withdrawals, bridging the gap between cryptocurrency and traditional finance.
- As Binance strives to make digital assets more accessible, this partnership exemplifies the progress in the industry by providing a simplified process for users to move crypto to fiat in "near real time" for retail users in the European Economic Area (EEA) and the UK, ultimately making digital money more practical for everyday purposes.
