Binance, the cryptocurrency exchange, has launched a prepaid cryptocurrency card in Colombia, expanding its reach in Latam. The card, which will allow customers with their verified identity to make payments with cryptocurrencies, positions the country as one of the main exchange markets in Latam behind Brazil and Argentina.
Binance Announces Crypto Prepaid Card in Partnership with Movii
Binance, the largest cryptocurrency exchange by trading volume, is taking steps to expand its services in Colombia. The company Announced the launch of a new cryptocurrency-linked prepaid card, which will allow users to pay with cryptocurrency at all merchants that accept standard credit and debit cards.
The product is part of a partnership with Movii, a Colombian neobank that also issues its own Mastercard. Among the currencies accepted by the card will be bnb, BTC, ETH, ADAPOINT, SUN, SHIB, XRPMATIC, LINK and other stable currencies, the user being able to configure in which currency it will be spent.
The card will feature real-time exchange of cryptocurrency to fiat currency, allowing users to spend cryptocurrency and merchants to receive fiat money instantly. Binance also announced that the prepaid card will feature fee-free ATM withdrawals, offering up to 8% in cash back rewards on select purchases.
While still in the beta stages, Binance announced that it will be rolling out to a wider audience soon.
Colombia: another place of expansion in Latam
Binance believes that Colombia is one of the countries where cryptocurrencies will have the highest adoption in the future and believes that it can support this growth by launching this type of service. Daniel Acosta, general manager of Binance Colombia, stated:
Colombia is a very relevant market for Binance. We believe that offering a Binance card will encourage even broader adoption of cryptocurrencies among Colombians, which will contribute to the development of the blockchain and crypto ecosystem in the country.
Colombia is the third country to see the launch of a Binance card product in Latam. Argentina saw the launch of a similar card in August, being the first market Binance entered with this product. The exchange launched another prepaid card product in Brazil in February, giving special importance to the use of the product to expedite payments and how cryptocurrencies can be more useful in this field.
What do you think about the launch of the Binance prepaid card launched in Colombia? Tell us in the comment section below.
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