Crypto giant Binance is teaming up with financial titan Mastercard to launch the “Binance Card” in Brazil.
In a new announcement, Binance, the world’s largest crypto exchange by trading volume, says it is committed to growing a relationship between traditional financial services and crypto.
“Binance Card is part of our ongoing efforts toward evolving the relationship between existing financial services and the growing crypto ecosystem. The card is in its beta launch phase in Brazil, and will be widely available in the coming weeks.”
Binance says Brazil is one of the exchange’s top 10 markets. Brazil will be the second Latin American company to receive the Binance Card after it was launched last year in Argentina.
According to the announcement, any Brazilian Binance user with a valid national ID will be able to use the card and manage it through the Binance app.
“The Binance Card issued by Dock will allow all new and existing Binance users in Brazil with a valid national ID to make purchases and pay bills with cryptocurrencies, including Bitcoin and BNB, at over 90 million Mastercard merchants worldwide, both in-store and online.
Users can enjoy a seamless transaction in which their cryptocurrencies are converted to fiat currency in real-time at the point of purchase. One of the perks includes up to 8% cashback in crypto on eligible purchases and zero fees on ATM withdrawals (although please note that third-party services and network fees may apply).”
Furthermore, the announcement lists 14 different currencies card users can use with the Binance Card for payments:
“Binance Card holders in Brazil will be able to pay by using 14 different currencies, including the Brazilian Real, BNB, BUSD, USDT, BTC, ETH, SANTOS, ADA, DOT, SOL, SHIB, XRP, MATIC, and LINK.”
Says Guilherme Nazar, General Manager at Binance for Brazil, in the announcement:
“Brazil is an extremely relevant market for Binance and we will continue to invest in new services for local users, as well as contributing to the development of the blockchain and crypto ecosystem in the country.
Payments [are] one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption, and the openness of Brazilians to innovation makes the country a great market for this release.”
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- Source: https://dailyhodl.com/2023/01/30/binance-partners-with-mastercard-for-prepaid-crypto-cards-in-new-push-for-adoption/