Cryptocurrency exchange Binance has expanded its reach in Latam by launching a prepaid cryptocurrency card in Colombia. The card allows identified customers to make crypto payments and establishes the country as one of the exchange’s key markets in Latam, following Brazil and Argentina.
Binance launches crypto prepaid card in partnership with Movii
Binance, the largest cryptocurrency exchange by transaction volume, is expanding its services in Colombia. The company announced the launch of a new prepaid cryptocurrency link card that allows users to pay in crypto at all merchants that accept standard debit and credit cards.
The product is part of a partnership with Movii, a Colombian neobank that also issues its own Mastercard card. Among the currencies the card will support areBNB, BTC, ETH, ADADot, Sol, Sib,. and stable coins such as XRP, MATIC, and LINK, and the user can set which currency to use.
The card will feature real-time exchange from crypto to fiat, allowing users to use crypto and merchants to receive fiat instantly; Binance will also allow the prepaid card to feature zero fee withdrawals at ATMs and on certain purchases announced that it will offer cash back rewards of up to 8%.
Although still in the beta phase, Binance announced that it will soon launch the service to a wider audience.
Another expansion spot in Colombia Latam
Binance believes that Colombia is one of the countries where crypto will have the greatest penetration in the future, and the launch of these services will support this growth. Daniel Acosta, General Manager of Binance Colombia, stated.
Colombia is a very relevant market for Binance. By offering the Binance card, we believe that we can contribute to the development of the country’s blockchain and crypto ecosystem by promoting cryptocurrency even more widely among Colombians.
Colombia is the third country to release a Binance card product in Latam. Argentina released a similar card in August and is the first market Binance has entered with this product. The exchange released another prepaid card product in Brazil in February, giving special meaning to the use of the product to streamline payments and how useful crypto can be in this area.
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