Crypto exchange revealed that the card will be “widely available in the coming weeks.”
Binance, the largest cryptocurrency exchange in terms of daily trading volumes, has partnered with the second-largest payment-processing corporation worldwide, Mastercard, to launch prepaid crypto cards in Brazil.
According to the announcement shared on January 30th, by using Binance Card, Brazilians will be able to make purchases and pay bills using cryptocurrencies.
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The card was issued by Dock, a payment and banking service provider regulated by the Brazilian Central Bank.
Binance Card will be available to all existing and new crypto exchange users in Brazil “with a valid national ID.” Mastercard will allow Brazilians to make payments at over 90 million Mastercard merchants worldwide.
When talking about the launch of Binance Card in the largest country in South America, Binance Brazil General Manager Guilherme Nazar noted:
Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption, and the openness of Brazilians to innovation makes the country a great market for this release.
By using Binance Card, Brazilians will be able to enjoy “seamless transactions,” with crypto being converted to fiat at the time of purchase. Moreover, the card offers 8% cashback in crypto and zero fees on ATM withdrawals.
Mastercard Brazil Manager, Marcelo Tangioni, shared his excitement by stating:
Brazilians are eager to embrace crypto beyond an investment asset. Today is an exciting step in our crypto journey, which draws on the strengths of both our trusted global network and Binance’s infrastructure to support consumer choice in payments.
Binance Card holders will be able to pay for their goods and services using 14 currencies, including the Brazilian Real, Ether (ETH), Bitcoin (BTC), Tether (USDT), Binane Coin (BNB), and so on.
Binance noted that the card is currently in “its beta launch phase” and will be available to the public “in the coming weeks.”
It is worth noting that it is the second time Binance has collaborated with Mastercard to launch a prepaid crypto card in Latin America. The first card was rolled out in Argentina in August 2022.
by Gile K. – Crypto Analyst, BitDegree
SOURCE: COIN JOURNAL
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