Binance and Mastercard to Launch Prepaid Card in Brazil: Report
Binance and Mastercard are set to launch a prepaid card in Brazil in the next few weeks, just a few months after rolling it out in Argentina, according to Reuters. The move aims to reinforce the connection between crypto and TradFi and drive crypto adoption.
Brazil to Become the Second LatAM Country to Receive Binance Card
Binance and Mastercard announced Monday the rollout of a prepaid card in Brazil in a bid to bridge the gap between crypto and traditional finance (TradFi). Per the announcement, the Binance Card is currently in beta testing and is expected to launch in the following weeks.
The move makes Brazil the second country in Latin America to receive the card, after Binance and Mastercard launched it in Argentina in August 2022. Brazil, the largest economy in Latin America, is also one of Binance’s biggest markets.
The Binance Card allows Binance users with a valid national ID to make payments using cryptocurrencies such as Bitcoin (BTC) and Binance Coin (BNB) at more than 90 million global Mastercard merchants. When making purchases, the users’ crypto funds are converted to fiat currency in real-time while also allowing them to earn up to 8% in crypto cashback on eligible purchases. In addition, users can easily manage their cards through the Binance app and website, view their transaction history, or seek customer support.
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Mastercard Diving Deeper into Crypto while Binance Expansion Continues
Like in Argentina, the launch of the Binance Card in Brazil marks the companies’ joint efforts to drive global crypto adoption. Despite the persisting crypto winter, many TradFi institutions and their users continue to adopt digital assets thanks to their unique benefits, such as financial freedom, privacy, and convenience.
Mastercard has been one of the leaders of the payments industry when it comes to crypto adoption. The payments giant first forayed into crypto almost two years ago when it announced it plans to start supporting select cryptocurrencies directly on its network. More recently, the company said it would launch a project in 2023 that allows banks and financial institutions to provide crypto trading services to their clients.
Meanwhile, the world’s biggest crypto exchange, by far, continues to expand aggressively. The company re-entered the South Korean market this month by acquiring a 41.2% stake in Gopax – one of the country’s top five exchanges.
Do you think Binance and Mastercard will continue launching their prepaid card in other Latin American countries? Let us know in the comments below.