Binance partners with Mastercard to launch a cryptocurrency prepaid card in Brazil (Report)
January 31, 2023
The Binance card is still undergoing testing but should be widely accessible in the coming weeks.
Binance, the world’s largest cryptocurrency exchange, has partnered with Mastercard, a multinational financial services corporation, to launch a prepaid card in Brazil.
The partners previously rolled out such a feature in Argentina.
- As reported by Reuters on January 30th, the Binance card is still in beta testing and should be available to users in the following weeks.
- It comes as a result of the exchange’s goal to “broaden the connection between traditional finance and crypto.”
- Binance said Brazil is among its key markets, while new and existing customers will be allowed to use the card in every shop that employs Mastercard’s payment services.
- The entities teamed up last summer for a prepaid cryptocurrency card in Argentina, which provides up to 8% cashback in BNB for specific purchases.
- Clients can withdraw a maximum of 45,000 pesos ($241) per day or up to 180,000 pesos ($964) per month. Daily purchases are limited to 90,000 pesos ($482), while monthly buys cannot exceed 360,000 pesos ($1,929).
- The prepaid cards launched in Brazil and Argentina could boost the interest in digital currencies and improve financial inclusion in the region.
- Despite being the largest financial market in South America, tens of millions of Brazilians lack access to basic monetary services. On the other hand, locals are among the global leaders in cryptocurrency adoption, with 41% of the surveyed admitting they are HODLers.
- The situation is similar with its South-Western neighbor – Argentina. Digital assets, specifically bitcoin and stablecoins, have become increasingly popular due to the country’s political turmoil, galloping inflation, and general financial issues.