Binance Exchange Introduces New 8% Cash Back Feature

The biggest cryptocurrency exchange in the world, Binance has introduced its “Daily Cashback feature” which will allow users to get a refund of their cash back deposited into their card wallet. 

According to the announcement on the exchange’s Twitter account, users can spend any cryptocurrency of their choice and get up to 8% cash back on purchases made. The benefit is available to all Binance Visa card holders.

Interestingly it is accepted by over 60 million merchants worldwide with $0 annual fees and $0 foreign transaction fees. With the Visa card, users can invest, earn and spend at ease.

Although the offerings the card brings are limited to certain regions, the platform still has the intention to launch the card in other regions. 

Binance continues to lead the industry

Previously, the crypto service provider launched a prepaid card for its Argentine-based customers. This enables the customers to use the prepaid cards to make ATM withdrawals in fiat at every ATM spot around the world where MasterCard is accepted.

In return, the deal will see the holders of the card earn as much as 8% returns on certain purchases. Although earnings will be in crypto.

Ahead of the planned Ethereum’s “the Merger” Binance.US, the US subsidiary of Binance has announced the launch of an Ethereum staking service that will provide consumers with a 6% annual percentage yield. 

The merger that will see Ethereum transition to the proof-of-stake mechanism and reduce power consumption by over  90% is expected to happen between September 15 and 16.

The exchange has also continued to enter new markets as it continues to secure approval from various jurisdictions to provide its services. 

It was recently cleared to provide its service in Kazakhstan. The exchange also has an understanding with the Kazakhstan government to help with the digital transformation initiatives.

As a global market leader in competition with the likes of Coinbase and Crypto.com, Binance has continued to introduce creative business models and introduce new offerings that will offer greater value for customers while it takes its business further.