Binance Launches Brazilian Prepaid Crypto Card in Partnership with Mastercard

Estimated read time 2 min read
  • Binance and Mastercard have announced a new partnership to bring a new type of financial product to Brazil.
  • By joining forces, these two companies aim to make it easier for people to access and use cryptocurrencies.

Binance, the world’s largest cryptocurrency exchange by market cap, has partnered with Mastercard to launch a prepaid crypto card in Brazil. The card will allow Binance users in Brazil with a national ID to make everyday purchases and pay bills with cryptocurrencies.

The card supports 13 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Binance USD (BUSD). Users can choose which cryptocurrencies they want to hold or spend on the card. Mastercard will also offer up to 8% cashback in crypto on eligible purchases, zero fees on ATM withdrawals, and security measures designed to protect users’ assets.

The launch of the Binance-Mastercard prepaid crypto card is a major step forward for the adoption of cryptocurrency in Brazil. A Mastercard study conducted in 2022 showed 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%.

Guilherme Nazar, general manager at Binance for Brazil, said: “Brazil is an extremely relevant market for Binance and we will continue to invest in new services for local users, as well as contributing to the development of the blockchain and crypto ecosystem in the country.”

The prepaid crypto card market in Brazil is competitive, with other providers such as also offering similar services. However, the Binance-Mastercard card is the first to be issued by a major global cryptocurrency exchange and Mastercard. This gives it a significant advantage in terms of reach and acceptance.

The launch of the Binance-Mastercard prepaid crypto card is a positive development for the cryptocurrency industry in Brazil. It makes it easier for people to use crypto to buy and sell goods and services, and it helps to legitimize crypto as a form of payment. It is also a sign of the growing acceptance of cryptocurrency in Brazil and around the world.

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