Leading crypto exchange Binance and credit card giant Mastercard have The partnership is a partnership; the Binance card features 8% cash back on eligible purchases and supports on-the-fly conversion of 13 cryptocurrencies to make payments to local merchants.
Brazil receives Binance prepaid card
Binance, the leading cryptocurrency exchange by transaction volume,announced on January 30the launch in Brazil of the Binance Card, a product that allows crypto users to pay legacy merchants in crypto The card, which is backed by Mastercard, will allow Brazil exchange’s registered customers from all over the land to make crypto payments in 13 supported cryptocurrencies, including on-the-fly conversion to Brazilian Real.
Matthew Schroeder, global vice president and regional director of Binance, had said in September that Brazil was one of the top upcoming markets for the launch of prepaid cards in Latam, so the release of this product comes as no surprise to some would be.
Payments made in Fiat currency using the prepaid card will be fee-free. However, payments involving the conversion of cryptocurrency to Fiat currency will be subject to a 0.9% fee. The card also features 8% cash back in crypto applied to eligible purchases.
The move is part of an effort by the exchange to expand its footprint in Latam. Brazil is the second market where the product will be launched. Binance first launched a similar product in Argentina last August (26).
bringing crypto and payments closer
For Binance, crypto has room to continue to grow in the payments sector, and with Brazil being one of the largest payments hubs on the continent, the interest in bringing these services to the country is clear. Guilherme Nazar, Binance’s General Manager for Brazil, said of the goals that Binance hopes to achieve.
Payment is one of the first and most obvious use cases for crypto, but there is still a lot of room for adoption. We believe that the Binance card is an important step in driving broader crypto use and global adoption, and the openness of Brazilians to innovation makes this a great market for this release.
Nazar explained that Brazil is one of the most relevant markets for exchanges in the region and the company will continue to invest in bringing new services and contributing to the country’s blockchain and crypto adoption.
Binance hopes to expand this product to more markets, but has not made any specific announcements on the matter.
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