The world’s largest cryptocurrency exchange – Binance – has teamed up with multinational financial services giant – Mastercard – to launch a prepaid card in Brazil.
The partners had previously rolled out such a feature in Argentina.
- As reported According to Reuters today (January 30), the Binance Card is still in beta testing and should be available to users in the coming weeks.
- This stems from the exchange’s goal to “broaden the nexus between traditional finance and crypto.”
- Binance said Brazil is among its key markets, while new and existing customers will be allowed to use the card at every store that uses Mastercard’s payment services.
- The entities associates last summer for a prepaid cryptocurrency card in Argentina, which offers up to 8% cashback in BNB for specific 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 cannot exceed 360,000 pesos ($1,929).
- Prepaid cards launched in Brazil and Argentina could boost interest in digital currencies and improve financial inclusion in the region.
- Although it is the largest financial market in South America, tens of millions of Brazilians do not have access to basic monetary services. On the other hand, locals are among the global leaders in cryptocurrency adoption, with 41% of respondents admitting they are HODLers.
- The situation is similar with its South West neighbor – Argentina. Digital assets, especially bitcoins and stablecoins, have become increasingly popular due to the country’s political unrest, rampant inflation, and general financial problems.
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