Binance and Mastercard are introducing a crypto prepaid card in Brazil as part of the LATAM expansion-news

The leading crypto exchange Binance and the credit card giant Mastercard have teamed up to launch a prepaid crypto-link card in Brazil as part of Binance's expansion plans in Latam. The Binance card offers 8 % cashback for justified purchases and supports the immediate conversion of 13 cryptocurrencies to make payments to local retailers.

Brazil receives prepaid card from Binance

Binance, a cryptocurrency exchange that is conducted by traded volume, announced On January 30, the introduction of his Binance card in Brazil, a product that will enable crypto users to make payments in crypto to old retailers. The card supported by MasterCard will enable registered customers of the stock exchange from all over Brazil to make crypto payments with 13 supported cryptocurrencies, including immediate conversations in the Brazilian real.

The publication of this product does not come as a surprise for some, as Matthew Shroder, Global Vice President and Regional Director had done at Binance, stated in September that Brazil was one of the emerging markets for the introduction of a prepaid card in Lata.

This step is part of the efforts that the stock exchange makes to expand its presence in Latam. Brazil is the second market in which the instrument is introduced. Binance started a similar product first in Argentina, in August last year.

bring crypto and payments

For Binance there is room for crypto to continue to grow in the payment area, and since Brazil is one of the largest payment hubs in the continent, the interest in bringing these services into the country is clear. Guilherme Nazar, General Manager at Binance for Brazil:

payments are one of the first and most obvious applications for crypto, but acceptance still has a lot of space for growth. We believe that the Binance Card is an important step to promote the broader use of crypto and global acceptance, and the openness of the Brazilians for innovations makes the country a great market for this publication.

Nazar said that Brazil was one of the most relevant markets for exchange in the region and that the company will continue to invest in the introduction of new services and contribute to the introduction of blockchain and crypto in the country.

Binance hopes to extend this product to further markets, but has not made any specific announcements on this topic.

What do you think about the introduction of the Binance card in Brazil? Tell us in the comment area below.

Sergio Göschenko

sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price increase took place in December 2017. He has a background as a computer engineer, lives in Venezuela and is affected by the cryptocurrency boom on a social level. It offers a different perspective on the crypto success and how it helps those who have no bank account and are under-supplied.

Bedy verification : Shutterstock, Pixabay, Wiki Commons, Yishevska/Shutterstock.com