Major cryptocurrency exchange Binance and credit card giant Mastercard have partnered to launch a cryptocurrency-linked prepaid card in Brazil as part of Binance’s expansion plans in Latam. The Binance Card features 8% cash back on eligible purchases and supports on-the-fly conversion of 13 cryptocurrencies to make payments to local merchants.
Brazil Receives Binance Prepaid Card
Binance, a leading cryptocurrency exchange by trading volume, Announced on January 30, the launch of its Binance Card in Brazil, a product that will allow cryptocurrency users to make cryptocurrency payments to legacy merchants. The card, which is backed by Mastercard, will allow registered customers on the exchange across Brazil to make crypto payments with 13 supported cryptocurrencies, including conversions to the Brazilian real.
The launch of this product does not come as a surprise to some, as Matthew Shroder, Binance’s global vice president and regional head, stated in September that Brazil was one of the main upcoming markets for the launch of a prepaid card in Latam.
Payments made with fiat currency using the prepaid card will not be charged. However, payments involving crypto to fiat conversions will incur a 0.9% fee. Plus, the card comes with 8% cryptocurrency cash back applied to eligible purchases.
This move is part of the efforts the exchange is making to expand its presence in Latam. Brazil is the second market in which the instrument will be launched. Binance thrown out a similar product in Argentina first, in August of last year.
Bringing cryptocurrencies and payments closer
For Binance, there is room for cryptocurrencies to continue to grow in the payments area, and since Brazil is one of the largest payment centers on the continent, the interest in bringing these services to the country is clear. Regarding the goals that Binance wants to achieve, Guilherme Nazar, Binance’s general manager for Brazil, stated:
Payments are one of the first and most obvious use cases for cryptocurrencies, but adoption has plenty of room to grow. We believe the Binance Card is a significant step in fostering broader cryptocurrency use and global adoption, and the openness of Brazilians to innovation makes the country a great market for this launch.
Nazar explained that Brazil was one of the most relevant markets for exchange in the area and that the company will continue to invest to bring new services and contribute to the adoption of blockchain and crypto in the country.
Binance hopes to expand this product to more markets, but did not make any specific announcements about it.
What do you think about the launch of the Binance card in Brazil? Tell us in the comment section below.
image credits: Shutterstock, Pixabay, Wiki Commons, yanishevska / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
