Binance Crypto exchange Taps Mastercard to Introduce Cryptocurrency Prepaid Card in Brazil (Report)

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Binance Crypto exchange Taps Mastercard to Introduce Cryptocurrency Prepaid Card in Brazil (Report)

The world’s largest digital currency exchange – Binance Crypto exchange – joined forces with the multinational financial services giant – Mastercard – to launch a prepaid card in Brazil. 

The partners previously rolled out such a feature in Argentina.

  • As reported by Reuters today (January 30), the Binance Crypto exchange card is still in beta testing and should be available to users in the next weeks. 
  • It comes because of  the exchange’s goal to “broaden the connection betwixt traditional finance and crypto.”
  • Binance Crypto exchange stated Brazil is between its key markets, while new and existing customers will be allowed to use the card in every shop that employs Mastercard’s payment services.
  • The entities teamed up last summer for a prepaid digital currency card in Argentina, which provides up to 8 percent cashback in BNB for specific purchases. 
  • Clients can withdraw a maximum of 45,000 pesos ($241) per day or up to 180,000 pesos ($964) per 30 days. Daily purchases are limited to 90,000 pesos ($482), while monthly buys cannot exceed 360,000 pesos ($1,929).
  • The prepaid cards launched in Brazil and Argentina could boost the interest in digital currencies and make better financial inclusion in the region.
  • Regardless of being the largest financial market in South America, tens of millions of Brazilians lack access to basic monetary services. On the other hand, locals are among the worldwide leaders in digital currency adoption, with 41 percent of the surveyed admitting they are HODLers.
  • The situation is similar with its South-Western neighbor – Argentina. Digital assets, in particular  Bitcoin (BTC) and crypto stablecoins, have become increasingly trending owing to the country’s political turmoil, galloping inflation, and general financial issues. 

The post Binance Crypto exchange Taps Mastercard to Introduce Cryptocurrency Prepaid Card in Brazil (Report) appeared 1st on CryptoPotato.

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