In collaboration with Mastercard, Binance has introduced a prepaid cryptocurrency card in Brazil, the cryptocurrency exchange announced on Monday.
According to a blog post, the card would be accessible to all Brazilian Binance users with a legitimate national ID and let them to make payments and settle invoices with 13 cryptocurrencies, including bitcoin, ether, and Binance USD. According to Binance, the card will have a 0.9% cost for each transaction involving cryptocurrencies, as well as up to 8% cashback and fee-free ATM withdrawals.
According to a spokesman for Binance, the product is currently undergoing testing and “will be publicly available in the following weeks.”
According to Guilherme Nazar, general manager of Binance Brazil, “Brazil is a very relevant market for Binance and we will continue to invest in new services for local consumers, as well as contribute to the development of blockchain technology and the country’s crypto ecosystem.” According to a statement by Binance, Brazil is one among the top 10 markets worldwide.
According to a 2022 Mastercard survey quoted by Binance, 49% of Brazilian customers reported to have performed at least one cryptocurrency-based transaction in the previous 12 months, compared to an international average of 41%.
Following a similar announcement in August in Argentina, also in collaboration with Mastercard, Binance announced the introduction of its card there. In August 2020, the business introduced a comparable product in the European Economic Area.
“Brazilians are eager to use cryptocurrency beyond an investment asset,” Marcelo Tangioni, president of Mastercard in Brazil, said in the press release.
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