Global cryptocurrency exchange Binance partnered with Mastercard to launch a prepaid crypto card – the ‘Binance card’ in Brazil to make purchases and paying bills with cryptocurrencies easier for its clients at over 90 million Mastercard merchants worldwide, both in-store and online.
According to the announcement, the Binance Card issued by Dock will be available to all new and existing Binance users in Brazil with a valid national ID. The card is in its beta launch phase and will be widely available in the coming weeks.
One benefit of the Binance Card is that there are no fees for ATM withdrawals and qualified purchases can earn up to 8% cashback in cryptocurrency.
Card dashboards on the Binance app and website will let cardholders manage their cards. The card dashboard will also allow users to examine their transaction history and contact customer service.
By utilizing the Binance Card, Brazilian customers can pay with any of the 14 supported currencies: the Brazilian Real, BNB, BUSD, USDT, BTC, ETH, SANTOS, ADA, DOT, SOL, SHIB, XRP, MATIC, and LINK.
According to the 2022 Mastercard New Payments Index, 49% of Brazilian consumers engaged in at least one cryptocurrency-related activity in the past year, which is higher than the global average of 41% making Brazil one of the top markets for cryptocurrency interest globally.
Marcelo Tangioni, Mastercard Country Manager in Brazil, noted “Brazilians are eager to embrace crypto beyond an investment asset. Today is an exciting step in our crypto journey, which draws on the strengths of both our trusted global network and Binance’s infrastructure to support consumer choice in payments.”
Guilherme Nazar, General Manager at Binance for Brazil, stated “Brazil is an extremely relevant market for Binance and we will continue to invest in new services for local users, as well as contributing to the development of the blockchain and crypto ecosystem in the country.”
Brazil is now the second country in Latin America to have the Binance Card. Last August, Binance and Mastercard launched the prepaid card in Argentina to unleash a seamless transactional experience for users in the nation and made it the first Latin American country with the Binance Card.
