Binance and Mastercard have joined forces to launch a new prepaid cryptocurrency card in Brazil. This latest development aims to provide users with more options when it comes to making payments with digital currencies.
The card will allow payments using 13 different cryptocurrencies, including Bitcoin, Ethereum, and Binance USD.
According to a Binance spokesperson, the card is currently in a testing phase and is expected to be widely available in the coming weeks.
The card will charge a fee of 0.9% per transaction, with the added bonus of offering up to 8% cashback in cryptocurrency and free ATM withdrawals.
Guilherme Nazar, General Manager of Binance Brazil, says that Brazil is a crucial market for Binance and that the company will continue to invest in new services for local users and support the development of the blockchain and cryptocurrency ecosystem in the country.
A recent Mastercard study conducted in 2022 showed that 49% of Brazilian consumers have made at least one transaction using cryptocurrencies in the past 12 months, which is higher compared to the global average of 41%.
This move by Binance comes after they launched a similar card in Argentina in August 2022, also in partnership with Mastercard. Binance first rolled out its card in the European Economic Area back in August 2020.
Marcelo Tangioni, President of Mastercard in Brazil, says that Brazilians are eager to use cryptocurrencies beyond just being an investment asset.
