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Binance Partners With Mastercard to Launch Prepaid Crypto Card in Brazil
The card will allow payments with 13 cryptocurrencies, including bitcoin, ether and Binance USD.
By Paulo Alves
Updated May 9, 2023, 4:06 a.m. Published Jan 30, 2023, 2:10 p.m.
This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.
Binance has launched a prepaid crypto card in Brazil in partnership with Mastercard, the crypto exchange said Monday.
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The card will be available to all Binance users in Brazil with a valid national ID and allow them to make payments and pay bills with 13 cryptocurrencies, including bitcoin, ether and Binance USD, according to a blog post. Binance’s card will charge a 0.9% fee per transaction involving crypto, Binance said, adding that it will offer up to 8% in cashback with crypto and allow ATM withdrawals without fees.
The product is now in a testing phase and “will be widely available in the coming weeks,” a Binance spokesperson told CoinDesk.
“Brazil is an extremely relevant market for Binance and we will continue to invest in new services for local users, as well as contribute to the development of blockchain and the crypto ecosystem in the country,” Guilherme Nazar, general manager of Binance Brazil, said in a press release. Brazil is one of Binance's top 10 markets globally, according to its post.
Binance cited a Mastercard study conducted in 2022 showing that 49% of Brazilian consumers claimed to have made at least one transaction using crypto in the past 12 months, compared to a global average of 41%.
Binance launched its card in Brazil after making a similar announcement in Argentina in August, also in partnership with Mastercard. The company rolled out a similar offering in the European Economic Area in August 2020.
“Brazilians are eager to use cryptocurrency beyond an investment asset,” Marcelo Tangioni, president of Mastercard in Brazil, said in the press release.
This article was translated by Andrés Engler and edited by CoinDesk. The original Portuguese article can be found here.
UPDATE (Jan. 30, 15:36 UTC): Added Binance's blog post and additional details.
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