The prepaid card is currently in beta testing and is being launched in Brazil by a Binance-Mastercard partnership.
Binance Targets LatAm With Crypto Card
Financial services giant Mastercard Inc has teamed up with crypto exchange Binance to launch a prepaid card in Latin America’s largest economy, Brazil. The initiative is a part of the exchange’s mission to develop and increase relations between traditional finance and the crypto industry. Since Brazil is one of the top ten markets for Binance, it is understandable why the crypto giant has chosen the country for this project.
According Binance GM for Brazil, Guilherme Nazar,
“Brazil is an extremely relevant market for Binance and we will continue to invest in new services for local users, as well as contributing to the development of the blockchain and crypto ecosystem in the country.”
Benefits Of Binance Card
So far, the Binance Card has already been launched in Argentina. In the coming weeks, Brazil will be the second to receive the card, which is reportedly in its beta testing phase. The card will help Brazil’s new and existing Binance users use their crypto wallets to shop and pay bills at all merchants who accept Mastercard in the country. Users will be able to pay for goods and services with 13 cryptocurrencies, which include Bitcoin (BTC), Ether (ETH), and Binance USD (BUSD). Additionally, Binance Card users will also be able to avail of other perks, including a cashback of upto 8% in crypto on specific purchases as well as zero ATM fees. Users can connect their crypto wallet to the card and convert their crypto funds to fiat currency in real time at the point of purchase. All crypto payments will be subjected to a 0.9% conversion fee.
Mastercard Going Hard On Crypto
The Binance Card will also function as a Bitcoin rewards card, allowing access to Mastercard’s network of over 90 million merchants. The company had already launched a program that allowed mainstream banks to offer cryptocurrency trading in Brazil.
Mastercard Brazil president Marcelo Tangioni believes that the rewards card will provide an exciting opportunity to its customer base in the country, which is already pro-crypto.
“Brazilians are eager to use cryptocurrency in addition to an investment asset. Today we take an exciting step on our crypto journey, which brings together the strengths of our highly reliable global network and Binance’s infrastructure to support consumer choice for their payments.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
