Digital Assets: Binance And Mastercard Launch Prepaid Crypto Card In Brazil
The Binance Card would be issued by Dock.
Binance and Mastercard (NYSE: MA) have jointly launched the Binance Card in Brazil, allowing Binance users in the country to make purchases and pay bills with cryptocurrencies like bitcoin and BNB at over 90 million Mastercard merchants globally. However, the user must have a valid national ID.
With the card, users can convert their cryptocurrencies to fiat currency in real-time at the point of purchase, and enjoy benefits such as cashback in crypto and zero ATM withdrawal fees. (Binance)
The Binance Card can be managed through the Binance App and supports 14 different currencies. Binance plans to expand the card to more markets in the future.
The launch reflects the growing relationship between traditional financial services and the crypto ecosystem, and the increasing interest in crypto use among Brazilian consumers.
Guilherme Nazar, General Manager at Binance for Brazil, said: “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 is 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,” Nazar added.
“Brazilians are eager to embrace crypto beyond an investment asset. Today is an exciting step in our crypto journey, which draws on the strengths of both our trusted global network and Binance’s infrastructure to support consumer choice in payments,” said Marcelo Tangioni, Mastercard Country Manager, Brazil.
Though the card is currently in beta phase, it will be made more widely available in the coming weeks. The card will enable payments in 14 different currencies, including the Brazilian Real, BNB, BUSD, USDT, BTC, ETH, SANTOS, ADA, DOT, SOL, SHIB, XRP, MATIC, and LINK.
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