The world’s largest crypto exchange Binance has announced a partnership agreement with MasterCard to launch a prepaid card in Brazil, Latin America’s largest economy. The move comes as part of Binance’s strategic moves to expand the crypto industry and bring the utility of digital assets to mainstream adoption.
Binance and MasterCard form alliance
Binance and Mastercard have announced plans to launch a prepaid card in Brazil. Brazil is one of the largest economies in Latin America and serves as a great hub to kick off the project. According to reports, Binance Card is currently in beta testing and will be released in the next few weeks. Brazil will be second only to Argentina in receiving the card. cryptocoin.comAs you follow, Binance last launched the prepaid card in Argentina in August 2022.
To qualify for Binance prepaid card ownership, users must complete all KYC regulations, including presenting valid ID Cards. The prepaid card can be used for online and physical purchases as users can use it to complete crypto payments at more than 90 million online and physical stores.
BTC and 12 altcoins are supported on Binance’s card
The card will work with 13 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Binance’s stablecoin BUSD. The remaining altcoin projects are: Tether (USDT), Binance Coin (BNB), Cardano (ADA), Polkadot (DOT), Solana (SOL), Shiba Inu (SHIB), Ripple (XRP), Polygon (MATIC), Chainlink (LINK) and Santos FC Fan Token (SANTOS).
The card will charge 0.9% fee for each transaction and 8% cashback with crypto. Unlike traditional debit and credit cards issued by financial institutions in the banking industry, all ATM withdrawals will be free.
Brazil moves towards crypto adoption
Guilherme Nazar, managing director of Binance Brazil, mentioned in a press release that Binance has always been an important financial hub for local crypto users. Guilherme Nazar said that Brazilian citizens have always contributed to the exchange’s Blockchain projects.
Brazil offers strong support for cryptocurrencies. A study conducted by Mastercard reveals that 49% of over 200 million people have made a crypto transaction in the last 12 months. This figure is relatively higher compared to the global rate of 41%. The project will run smoothly as the Latin American country legalizes crypto as a payment option.
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