One of the world’s leading crypto exchanges Binance has partnered with global payment giant Mastercard, to launch a prepaid crypto card in Brazil.
This move is part of Binance’s efforts to broaden the connection between traditional finance and crypto. The card which will be available to Brazilians with a valid national ID will enable them to make payments with 14 different crypto-approved assets such as Bitcoin, Ethereum, Solana, etc.
Users of this card will be charged a 0.9% fee per transaction involving crypto, and they will get up to 8% in cashback with crypto and allow ATM withdrawal without fees.
Cardholders will also be able to manage their cards through the card dashboard on the Binance app and website, as well as view their transaction history and access customer support via the card dashboard.
Commenting on Binance’s launch of a crypto card in Brazil, General Manager at Binance for Brazil Guilherme Nazar said;
“Brazil is an extremely relevant market for Binance and we will continue to invest in new services for local users, as well as contribute 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”.
Investors King understands that Brazil is among the top 10 markets for Binance globally, which has seen it become the second country in Latin America to have the Binance crypto card.
Before its launch in Brazil, Binance in partnership with Mastercard on August 2022, launched the prepaid Binance card in Argentina to bridge the gap between cryptocurrencies and everyday purchases.
The crypto exchange plans to continue expanding in new markets as well as providing support for additional cryptocurrencies.
On the other hand, payment giant Mastercard has been getting increasingly involved in crypto over the past year. Last year October, the payment giant partnered with blockchain technology company Paxos to develop a trading program geared towards financial institutions.