Binance Partners With Mastercard to Launch Prepaid Crypto Card in Brazil
This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.
Binance has launched a prepaid crypto card in Brazil in partnership with Mastercard, the crypto exchange said Monday.
The card will allow users to make payments with 13 cryptocurrencies, including bitcoin, ether and Binance USD. Binance’s card charges a 0.9% fee per transaction, Binance said, adding that it will offer up to 8% in cashback with crypto and allow ATM withdrawals without fees.
The product is now in a testing phase and “will be widely available in the coming weeks,” a Binance spokesperson told CoinDesk.
“Brazil is an extremely relevant market for Binance and we will continue to invest in new services for local users, as well as contribute to the development of blockchain and the crypto ecosystem in the country,” Guilherme Nazar, general manager of Binance Brazil, said in a press release.
Binance cited a Mastercard study conducted in 2022 showing 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%.
Binance launched its card in Brazil after making a similar announcement in Argentina in August 2022, also in partnership with Mastercard. The company rolled out a similar offering in the European Economic Area in August 2020.
“Brazilians are eager to use cryptocurrency beyond an investment asset,” Marcelo Tangioni, president of Mastercard in Brazil, said in the press release.
This article was translated by Andrés Engler and edited by CoinDesk. The original Portuguese article can be found here.