In partnership with Mastercard, Binance has introduced a prepaid cryptocurrency card in Brazil. According to the study, 49% of Brazilian consumers participated in at least one cryptocurrency-related activity in the previous year, against an average of 41% worldwide. Due to this situation, Binance wants to increase its activities in this country.
The Binance Card
The Binance Card is currently going through beta testing and should be widely accessible in the next weeks. By using the card dashboard on the Binance app and website, Binance cardholders can manage their cards. Users can also view their transaction history and access customer support via the card dashboard.
The card is also speculated to have several features. These include minimal transaction fees, cashback offers, and security features that guard clients’ assets. According to Binance executives, the company intends to keep investing in innovative services for Brazilian users while supporting the country’s blockchain and cryptocurrency ecosystem in its growth.
According to a source, the card will be available to all Brazilian Binance users with a legitimate national ID to make payments and settle invoices with 13 cryptocurrencies, including BTC, ETH, and BUSD. According to Binance, the card will have a 0.9% cost for each transaction involving cryptocurrencies and up to 8% cashback and free ATM withdrawals.
Cryptocurrency in Brazil
The partnership between the two giant companies in their respective fields will increase the number of cryptocurrency fans. Making the transfer from fiat money to cryptocurrency is easy and more reliable.
A similar circumstance occurred in the neighboring country of Argentina, where Binance and Mastercard partnered last year, and the results were positive. Because of this example, a lot of people, especially the Binance team, think that the Binance card will be used by many people in Brazil.
Guilherme Nazar, the general manager of Binance Brazil, indicated:
‘’Brazil is a very relevant market for Binance, and we will continue to invest in new services for local consumers, as well as contribute to the development of blockchain and the crypto ecosystem in the nation.’’