On Monday, Mastercard Inc. and Binance announced that they will be launching a prepaid card in Brazil, the country with the largest economy in Latin America. This move is part of the attempts by the cryptocurrency behemoth to extend the relationship between traditional banking and digital assets.
Binance Crypto Cards For Brazil
Brazil will become the second country in Latin America to acquire the so-called Binance Card after Argentina, according to a release. It is now in beta testing and should become broadly accessible in the next weeks. Generally, with the use of Binance Crypto Cards, users can earn up to 8% BNB cashback every time they spend on merchandise. Moreover, all cashback from eligible purchases is automatically deposited directly into the crypto exchange’s Funding Wallet.
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As per information obtained, the crypto conversion fees will rake up to 0.9%. And, although there is no charge for the first issuance of the physical card, a $25 fee will be charged for the re-issuance of the card. Binance cardholders in Brazil will soon be able to manage their cards by using the card dashboard that is available on both the Binance website and the mobile app. The card dashboard will also provide users with the ability to access customer assistance and check the history of their transactions.
Bridging Gap Between Crypto & Reality
Furthermore, users will be able to convert and spend their cryptocurrency holdings with ease using the prepaid card, just like they would with any other regular debit card. It is anticipated that the card would support a variety of cryptocurrencies where users will have the ability to pick and choose whichever assets they wish to keep or spend owing to the nature of the system.
Mastercard and Binance’s new partnership is another evidence of the mainstreaming of cryptocurrency and blockchain. Products like the Binance prepaid card are anticipated to rise in popularity as more individuals gravitate to virtual currencies for a number of reasons, including the need for larger economic freedom, anonymity, and reliability.
According to the top cryptocurrency exchange Binance, Brazil is one of the ten largest markets it serves. Additionally, the prepaid card will allow all new and existing users in the South-American country to shop and pay bills with cryptocurrencies at Mastercard merchants.
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The post Just-In: Binance & Mastercard Are Teaming Up To Launch This In Brazil appeared first on CoinGape.