Binance and Mastercard launch crypto prepaid card in Brazil as part of Latam expansion – News

Leading crypto exchange Binance and credit card giant Mastercard have teamed up to launch a prepaid crypto-linked card in Brazil as part of Binance's expansion plans in Latam. The Binance Card offers 8% cashback on eligible purchases and supports instant conversion of 13 cryptocurrencies to make payments to local merchants.

Brazil receives prepaid card from Binance

Binance, a leading cryptocurrency exchange by traded volume, announced on January 30, the launch of its Binance Card in Brazil, a product that will allow crypto users to make payments in crypto to legacy merchants. The card, powered by Mastercard, will allow the exchange's registered customers from across Brazil to make crypto payments using 13 supported cryptocurrencies, including instant conversions to the Brazilian real.

The release of this product does not come as a surprise to some, as did Matthew Shroder, Global Vice President and Regional Director at Binance specified in September that Brazil was one of the emerging markets for the launch of a prepaid card in Latam.

Fiat currency payments with the prepaid card are free of charge. However, payments that involve crypto-to-fiat conversions incur a 0.9% fee. The card also offers 8% cash back in crypto, valid on eligible purchases.

This move is part of the efforts the exchange is making to expand its presence in Latam. Brazil is the second market where the instrument will be launched. Binance started a similar product first in Argentina, in August last year.

Bringing crypto and payments closer

For Binance, there is room for crypto to continue to grow in the payments space, and with Brazil being one of the continent's largest payment hubs, the interest in bringing these services to the country is clear. Regarding the goals that Binance wants to achieve, Guilherme Nazar, General Manager at Binance for Brazil, explained:

Payments are one of the first and most obvious use cases for crypto, but adoption still has plenty of room to grow. We believe Binance Card is a significant step towards promoting wider use of crypto and global adoption, and Brazilians' openness to innovation makes the country a great market for this release.

Nazar explained that Brazil is one of the most relevant markets for exchanges in the region and that the company will continue to invest in launching new services and contribute to the adoption of blockchain and crypto in the country.

Binance hopes to expand this product to more markets, but has not made any specific announcements on the matter.

What do you think about the launch of Binance Card in Brazil? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price surge occurred in December 2017. He has a background as a computer engineer, lives in Venezuela and is affected by the cryptocurrency boom on a social level. He offers a different perspective on crypto success and how it helps the unbanked and underserved.

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