Binance Chooses Mastercard to Introduce Prepaid Crypto Card in Brazil (Report)

The world’s largest cryptocurrency exchange Binance has joined forces with multinational financial services giant Mastercard to launch a prepaid card in Brazil.

Partners previously implemented such a feature in Argentina.

• What reported Per Reuters today (Jan 30), the Binance Card is still in beta testing and should be available to users in the coming weeks.
• It comes as a result of the exchange’s goal of “expanding the connection between traditional finance and cryptocurrencies.”
• Binance said that Brazil is among its key markets, while existing and new customers will be able to use the card at all stores that employ Mastercard payment services.
• entities United last summer for a prepaid cryptocurrency card in Argentina, offering up to 8% back in BNB for specific purchases.
• Clients can withdraw a maximum of 45,000 pesos ($241) per day or up to 180,000 pesos ($964) per month. Daily purchases are limited to 90,000 pesos ($482), while monthly purchases cannot exceed 360,000 pesos ($1,929).
• Prepaid cards launched in Brazil and Argentina could boost interest in digital currencies and improve financial inclusion in the region.
• Despite being the largest financial market in South America, tens of millions of Brazilians lack access to basic money services. On the other hand, locals are among the world leaders in cryptocurrency adoption, with 41% of respondents. admitting they are HODLers.
• The situation is similar with its neighbor to the southwest: Argentina. Digital assets, specifically bitcoin and stablecoins, have become increasingly popular due to the country’s political turmoil, runaway inflation, and general financial woes.