Binance, one of the largest cryptocurrency exchanges in the world, and Mastercard, a payment giant, both collaborated and launched a prepaid rewards card in Brazil. With this new reward card, customers in Brazil will have the ability to make everyday purchases, whether for food or travel, with cryptocurrency.
According to the 30th of January report from Decrypt, in a statement, Binance said that existing as well as new users of Binance would be able to use the new card to purchase things and pay bills with Bitcoin and other cryptocurrencies across a network of 90 million merchants of Mastercard. This new card comes with several beneficial perks for its users, as it gives up to 8% cashback in crypto on eligible purchases. Moreover, with the use of this card, there will be zero fees on ATM withdrawals.
In the next few weeks, this new cryptocurrency card will be widely available in Brazil and making this Latin American country the second one to have this kind of crypto card. The first Latin American country which has this service already available is Argentina, where this step was launched last year. Like the Argentinian crypto card, the funds of users will be converted from crypto to fiat currency in real-time at just the point of purchase. However, payments made using crypto are subject to around a 0.9% conversion fee.
Regarding this latest move of the crypto card, Guilherme Nazar, the general manager of Binance in Brazil, said that Brazil is an extremely relevant market for Binance, and they will continue their process to invest in new crypto services for local users. Guilherme said that they would also contribute to the development of the blockchain and crypto ecosystem in Brazil. It’s not the first time that Brazil has made an important step in adopting cryptocurrency, as last year, the congress of Brazil passed a bill that gives cryptocurrency payments legal status. According to the statement by Binance, in the future, there will be more cryptocurrencies supported by the card. Moreover, they will also expand this crypto card across other countries in the world.