Binance and Mastercard Release Prepaid Crypto Card in Brazil
- Currently in its beta launch phase in Brazil, the Binance Card will allow its holders to make payments and purchases using 13 supported cryptocurrencies.
- Brazil has become the second country in Latin America to receive the product, following a similar announcement in Argentina in August 2022.
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Popular crypto exchange Binance has partnered with payments giant Mastercard to launch a prepaid crypto card in Brazil, making it the second country in Latin America to have the product, the company said in a blog post on 30 January.
According to the announcement, the card will be available to all new and existing Binance users with a valid national ID, and will enable them to make purchases and payments using 13 cryptocurrencies, including BTC, ETH, BNB, BUSD, and more. The exchange noted that the Binance Card was currently in its beta launch phase in Brazil, and that it would be made “widely available” in the coming weeks. Binance’s general manager for Brazil, Guilherme Nazar, said in a statement:
“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. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption, and the openness of Brazilians to innovation makes the country a great market for this release.”
Issued by Dock, the Binance Card will automatically convert user funds from crypto to fiat at the point of sale, though payments using crypto will be a subject to a 0.9% conversion fee. The card will also offer its holders up to 8% cashback in crypto on eligible purchases, as well as zero fees on ATM withdrawals. Binance is also planning to increase the number of supported currencies, and make the card available to more countries in the region in the future.
Brazil is the second country in Latin America where Binance has launched its prepaid crypto card, following a similar rollout in Argentina in August 2022. The president of Mastercard in Brazil, Marcelo Tangioni, noted that Brazilizans were eager to use cryptocurrencies “beyond an investment asset”. Binance also cited a Mastercard study from 2022 that showed 49% of Brazilizan consumers had made at least one transaction using crypto in the past 12 months. compare to the global average of 41%.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.