Binance uses Mastercard to introduce a crypto prepaid card in Brazil (report)

Binance uses Mastercard to introduce a crypto prepaid card in Brazil (report)

The world's largest cryptocurrency exchange-Binance-has teamed up with the multinational financial services giant-MasterCard-to introduce a prepaid card in Brazil.

The partners have previously introduced such a function in Argentina.

• as reported from Reuters today (January 30), the bony card is still available in the beta test and should be available to the users in the following weeks.
• This is the result of the goal of the stock exchange to "expand the connection between traditional finance and crypto".
• According to Binance, Brazil is one of its key markets, while new and existing customers can use the card in every shop that uses MasterCard's payment services.
• The entities put together last summer for a prepaid cryptocurrency card in Argentina, which offers up to 8 % cashback in BNB for certain purchases.
• customers can withdraw a maximum of 45,000 pesos ($ 241) per day or up to 180,000 pesos ($ 964) per month. Daily purchases are limited to 90,000 pesos ($ 482), while monthly purchases are not allowed to exceed 360,000 pesos ($ 1,929).
• The prepaid cards introduced in Brazil and Argentina could increase interest in digital currencies and improve financial inclusion in the region.
• Although it is the largest financial market in South America, millions of Brazilians have no access to basic financial services. On the other hand, locals with 41 % of the respondents are among the world's leading providers of cryptocurrencies Add You are Hodler.
• The situation is similar with its southwestern neighbor- Argentina . Digital assets, especially Bitcoin and stable coins, are becoming increasingly popular due to the political unrest of the country, galloping inflation and general financial problems.

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