In an attempt to broaden the relationship between conventional banking and crypto, crypto giant Binance said on Monday that it will partner with Mastercard Inc to launch a prepaid card in Brazil, the biggest economy in Latin America.
This would make Brazil the second Latin American nation, after Argentina, to acquire the so-called Binance Card, which is now in beta testing and should be widely accessible in the next few weeks. Current and prospective Binance customers alike will be able to use the card to make purchases and settle debts at any of the 90 million businesses who accept Mastercard.
There are a number of bonuses that come with it, like a payback rate of up to 8% in cryptocurrency on qualified transactions and no fees for using an ATM. When the card becomes national in the coming weeks, Brazil will join Argentina as the second Latin American country to provide it. At checkout, users’ cryptocurrency holdings will be instantly converted into fiat cash. There is a 0.9% conversion charge for all cryptocurrency payments.
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.
Guilherme Nazar, General Manager at Binance (Brazil)
Brazilian cardholders will be able to pay in 14 different currencies. These include, in addition to the Brazilian Real, Bitcoin, Ethereum, and Binance’s own BNB and BUSD currencies. According to Binance’s announcement, plans are in the works to extend the amount of cryptocurrencies supported by the card, as well as to make it available in other countries across the globe.
