Just a year after Coinbase released their crypto card, Binance dropped theirs. Both cryptocurrency platforms created these card systems to help tone down the inconveniences that are tagged with buying things with cryptocurrencies.
Coinbase cards are Visa debit cards that can be funded through your Coinbase wallet. The Coinbase crypto card makes the recognized crypto assets as fluid as fiat for payments after transactions. They can also be used to withdraw cash at millions of ATMs across the globe.
Binance cards are issued by Visa and recognized in more than 200 regions across the globe. The card is accepted by about 50 million merchants and business owners. One of the Binance Card‘s most notable features is that it allows you to hold on to your cryptocurrencies until you need to exchange them for those items you crave and love.
How Coinbase Card Works
Once you have downloaded the Coinbase card app, you’ll have to connect it with your account before you’re able to use it. Your crypto assets can be stored securely in this space. Should your Coinbase card get stolen, there’s the provision to instantly freeze your card and keep your assets as safe as they can be.
How Binance Card Works
As long as a crypto asset holder has transferred his funds from his Binance wallet, purchases can be made with crypto coins and tokens by converting cryptocurrencies into fiat.
While Binance Cards and Coinbase cards are different in their ways, they also have similar qualities. For example, Both Binance and Coinbase cards come with integrated applications that allow you to manage spending and funds. You can top-up your card, generate receipts, transaction summaries, and spending histories on the spot.
Other key similarities include:
- Verification: Both Binance and Coinbase cards require you to complete a simple verification process before using your card.
- Security: Binance cards and Coinbase cards incorporate world-class systems and procedures to ensure all your assets’ maximum safety on the card. With either of the cards, you can afford to pass your nights with both eyes closed because there’s no cause to fear, stress, or panic.
- Analytics: Coinbase allows you to keep track of every bit of asset that flows out of your wallet. It efficiently reveals your daily spending and ATM withdrawals. Binance, on the other hand, is still struggling to catch up. The app is yet to blend in all the juicy features that keep you on your toes and points out all the important aspects of your daily transactions.
- Crypto Asset Options: Binance cards are currently limited to fewer cryptocurrencies than Coinbase cards. While Coinbase cards support up to 9 coins: BTC, ETH, XRP, BCH, LTC, XLM, REP, and ZRX, Binance cards are only limited to BNB and BTC.
Which is better: Coinbase Card or Binance Card
As at the time of writing this article, Coinbase Cards nurse a narrow edge over Binance Cards. Coinbase started ahead of Binance, and perhaps, it’s this factor of time. However, it is expected that these two card providers will match up on all fronts within a few years.