• Binance and Mastercard have partnered to launch a prepaid crypto-linked card in Brazil as part of Binance’s expansion plans in Latam.
• The Binance card features 8% cashback for eligible purchases and supports on-the-fly conversion of 13 cryptocurrencies to make payments to local merchants.
• This move is part of the efforts that the exchange is making to expand its footprint in Latam and encourage wider crypto use and global adoption.
Binance & Mastercard Launch Crypto Prepaid Card
Binance, a leading cryptocurrency exchange by volume traded, has announced the launch of its Binance card in Brazil, a product that will allow crypto users to make payments in crypto to legacy merchants. Backed by Mastercard, this prepaid crypto-linked card will enable registered customers of the exchange from all over Brazil to make crypto payments with 13 supported cryptocurrencies, including on-the-fly conversions to the Brazilian real.
Features of the Card
The Binance card features 8% cashback for eligible purchases and supports on-the-fly conversion of 13 cryptocurrencies to make payments to local merchants. Payments made with fiat currency using the prepaid card will be fee-free; however, payments involving crypto-to-fiat conversions will have a 0.9% fee.
Expansion Plans in Latam
This move is part of the efforts that the exchange is making to expand its footprint in Latam and encourage wider crypto use and global adoption. The release of this product comes as no surprise as Matthew Shroder, global vice president and regional director at Binance had stated in September that Brazil was one of the top upcoming markets for launching a prepaid card in Latam.
Encouraging Wider Crypto Use
For Binance, there is room for crypto to keep growing in the payments area – being Brazil one of the biggest payment hubs on the continent – thus their interest for bringing these services into country clear. According Guilherme Nazar (general manager at BInance for Brazil): „Payments is one of the first and most obvious use cases for crypto yet adoption has lot room grow“. He believes that „The BInance Card is significant step encouraging wider crypto use and global adoption“ due openess Brazilian people innovation which makes country great market this release“.
Backed by Mastercard, this new product launched by BInance promises revolutionize way people pay Latin America allowing them access wide range cryptocurrencies enabling them pay legacy merchants hassle free while also offering important benefits like 8% cashback eligible purchases which sure attract customers towards it.