Binance, the largest cryptocurrency exchange in the world, has unveiled a new feature for its users in Europe that allows them to convert cryptocurrencies into cash and withdraw it instantly to eligible Mastercard (NYSE:MA) cards, representing a significant shift in facilitating the use of digital assets in everyday life.
The new feature, which has become available through the 'buy and sell' service on the Binance website and its official app, is based on the advanced Mastercard Move system, allowing users to sell cryptocurrencies and transfer the proceeds directly to the card, or withdraw existing cash balance from the card itself, with great speed and a high degree of security.
This step aims to simplify the 'off-ramping from cryptocurrencies' process, which has been a challenge for many users wishing to convert their digital assets into easily spendable cash.
Thomas Gregory, Vice President of Binance for cash currencies, said:
'We are committed to providing advanced financial solutions that make it easier for our users to manage their digital assets. The 'sell to card' feature represents a new leap towards instant withdrawals and comes as part of our ongoing partnership with innovators in the payments sector.'
Gregory confirmed that this step comes in line with Binance's commitment to expanding its services in collaboration with global partners like Mastercard, providing a safe and fast user experience, in accordance with the highest standards of regulatory compliance and user protection.