world’s largest cryptocurrency trading platform Binance and payment service giant MasterCardteamed up to create a prepaid Binance card in Brazil.
According to the statement, the prepaid card will allow Binance users to shop using their crypto wallets. Instead of using cryptocurrencies directly in shopping, nominal money will be transferred to the card with automatic translation.
Binance officials made the following statement after the announcement:
“The prepaid card will play an important role in bridging the link between the traditional financial system and emerging cryptocurrencies.”
Guilherme Nazar, one of the directors of Binance, stated that Brazil is a priority market for them, and that the acceptance of crypto in the region is increasing gradually and he is pleased with this situation.
Big Interest in Crypto in Latin America!
Latin America is one of the largest markets, according to a report released last summer by crypto research firm Chainalysis.
According to June 2022 data, citizens of the region have $562 billion worth of cryptocurrencies. Increasing capital control in peripheral countries and inflation exceeding 100% in Argentina, in particular, are pushing citizens to crypto instead of fiat money.
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