Binance, Mastercard launch crypto prepaid card in Brazil

This move is part of the efforts that the exchange is making to expand its footprint in Latam

Leading crypto currency exchange in terms of volume, Binance, announced on January 30 the launch of its Binance card in Brazil. With the launch, crypto currency users will be able to make payments to legacy merchants in crypto currencies. Backed by Mastercard, Binance card will allow registered customers of the exchange across Brazil to make crypto payments with 13 supported crypto currencies, including on-the-fly conversions to the Brazilian real.

In September, global vice president (VP) and regional director at Binance, Matthew Shroder, had stated that Brazil was one of the top upcoming markets for the launch of a prepaid card in Latam (Latin America).

No fee will be charged on payments made with fiat currency using the prepaid card. However, a 0.9 per cent fee will be charged on payments involving crypto-to-fiat conversions. Moreover, the card features 8 per cent cashback in crypto on eligible purchases.

Brazil is the second market in which the product will be launched. Earlier in August last year, Binance launched a similar product in Argentina.

Guilherme Nazar, General Manager (GM) at Binance for Brazil, stated the goals that Binance wants to achieve: Payments is one of the first and most evident use cases for crypto, yet there is a lot of room for adoption. We believe the Binance Card is an important step in inspiring broader crypto use and adoption globally, and the openness of Brazilians to innovation makes the country a great market for this release.

He explained that Brazil was one of the most relevant markets for the exchange in the area, and that the company will keep investing in bringing new services and contributing to the adoption of blockchain and crypto in the country.