Binance and Mastercard Launch Crypto Prepaid Card in Brazil as Part of Latam Expansion

Adoption & Regulations

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Leading crypto exchange BINANCE and giant credit card mastercard have collaborated to launch a pre-paid crypto-related card in Brazil as part of the Latam binary expansion plans. The binary card offers an 8% discount on eligible purchases and supports the on-the-fly conversion of 13 cryptocurrencies to pay local merchants.

Brazil Receives Binance Prepaid Card

Binance, a leading cryptocurrency exchange by volume traded, announced on Jan. 30 the launch of its binary card in Brazil, a product which will enable crypto users to make crypto payments to former traders. The card, which is supported by MC, will allow registered exchange customers from all of Brazil to carry out crypto payments with 13 cryptocurrencies supported, including on-the-fly conversions to real Brazil.

Some people are not surprised by the release of this product, like Matt Shroder, Global VP and Regional Manager at Binance, In September, Brazil was one of the main markets to come for the launch of a lateam prepaid card.

Payments made with the cash on the prepaid card shall be free of charge. However, payments with crypto-fiat conversions will have a commission of 0.9%. Additionally, the card provides an 8% cryptocurrency rebate on eligible purchases.

This is in line with the MX's efforts to expand its latam footprint. Brazil is the second market to launch the tool. Binance launched a similar product in Argentina first, in August last year.

Reconciliation between cryptography and payments.

For Binance, there is scope for cryptography to continue to grow in the area of payments, and being Brazil is one of the most important payment centers on the continent, There is a clear interest in providing those services in this country. About the goals that Binance wants to achieve, Guilherme Nazar, general manager at Binance for Brazil, stated:

Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. We believe that the binary card is an important step in promoting broader use and adoption of cryptography on a global scale, and the Brazilians' openness to innovation makes the country a large market for this exit.

Nazar explained that Brazil was one of the largest stock exchange markets in the region, and that the company will continue to invest in the provision of new services and help in the adoption of blockchain and crypto in the country.

Binance hopes to extend this product to other markets, but has made no specific announcements about it.

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