– Binance, the world’s largest crypto exchange, has announced a partnership with MasterCard to launch a prepaid card in Brazil.
– The Binance prepaid card will be able to be used online and for physical purchases, with 13 cryptocurrencies supported.
– The card will charge a fee of 0.9% and will offer 8% cashback with crypto, with all ATM withdrawals being free of charge.
Binance, the world’s largest cryptocurrency exchange, has announced a strategic partnership with MasterCard to launch a prepaid card in Latin America’s largest economy, Brazil. This move is part of Binance’s mission to expand the crypto industry and bring digital assets‘ utility to mainstream adoption.
The Binance prepaid card is currently in the beta stage and will be launched in the following weeks. In order to qualify for the card, users must complete all KYC regulations, including submitting valid Identity Cards. The card will be able to be used for both online and physical purchases and will support 13 different cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), and Binance’s own stablecoin BUSD.
For each transaction made with the card, there will be a fee of 0.9% and users will be rewarded with 8% cashback of the cryptocurrency used for the purchase. Additionally, all ATM withdrawals will be free of charge, in contrast to debit and credit cards issued by traditional banks.
Guilherme Nazar, the general manager of Binance Brazil, commented in a press release that it has always been an important goal of the company to make crypto adoption easier and more accessible. This partnership with MasterCard is a great step forward in that direction. He also stated that the card will offer users a safe and secure way to use their digital assets in everyday purchases, with all the convenience and benefits of a traditional financial card.
The launch of this prepaid card in Brazil is a significant milestone in the global crypto industry, as it shows that the country is embracing cryptocurrencies and taking steps towards adoption. This partnership between Binance and MasterCard will no doubt open up opportunities for other crypto projects to enter the Brazilian market and bring the world of digital assets one step closer to mainstream acceptance.