Binance Partners With Mastercard to Launch Prepaid Crypto Card in Brazil

This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.

Binance released a pre-paid crypto card in Brazil in partnership with mastercard, crypto exchange said on Monday.

The card will be available to all BINANCE users in Brazil with a valid national ID and allow them to make payments and pay bills with 13 cryptocurrencies, including bitcoin, ether and Binance USD, according to a blog post. The binary card will charge a fee of 0.9% per deal involving cryptography, binance said, adding that it will provide up to 8% cashback with crypto and allow ATM withdrawals free of charge.

The product is now in a testing phase and "will be widely available in the next few weeks," a spokesperson for Binance called CoinDesk.

Brazil is a very relevant market for Binance and we will keep investing in new services for local users, in addition to helping to develop the blockchain and crypto ecosystem in the country", Guilherme Nazar, Chief Executive Officer of Binance Brazil, According to the press release. Brazil is one of the top 10 binance markets at the world level, according to his post.

Binance cited a 2022 Mastercard study showing that 49% of Brazilian consumers reported having performed at least one crypto transaction in the past 12 months, against a world average of 41 per cent.

Binance launched its card in Brazil after making a similar announcement in Argentina in August, also in partnership with Mastercard. It launched a similar offer in the EEA in August 2020.

"Brazilians are keen to use cryptocurrency beyond an investment asset," Marcelo Tangioni, chairman of Mastercard in Brazil, said in the news release.

This article has been translated by andres engler. The original Portuguese article can be found here.

UPDATE (Jan. 30, 15:36 UTC): Added Binance's blog post and additional details.