NEWSLETTER
Mastercard and Binance have announced the launch of a prepaid card backed by bitcoin and cryptocurrencies in Brazil, the largest economy in Latin America.
according to a blog post, Binance Card is currently in beta testing and is expected to be widely available in the country in the coming weeks. The Binance Card is already available in many European countries.
The Brazilian version “will allow all new and existing Binance users in Brazil with a valid national ID to make purchases and pay bills with cryptocurrency.” It will charge a 0.9% fee per transaction involving bitcoin, according to the blog, and 8% cashback will be offered on select purchases, while also allowing fee-free ATM withdrawals.
Brazil is one of the company’s top 10 markets, according to Binance, and the card will allow new and existing users in the country to pay bills and shop with cryptocurrency at Mastercard merchants. The launch of the prepaid card is part of Binance’s effort to “broaden the connection between traditional finance and cryptocurrency.” The card has already been launched in Argentina and will soon be implemented in Brazil.
