Binance CEO Changpeng Zhao. CryptoMonedaseICOs
Popular cryptocurrency exchange Binance has partnered with payments provider Mastercard to launch a prepaid crypto card for residents of Argentina, the company said in a press release on 4 August.
According to the announcement, the exchange’s new product is still in beta phase, but will be widely available in Argentina in the coming weeks. The Binance Card will not only allow users to make purchases and pay bills using crypto, but also make cash ATM withdrawals anywhere Mastercard is accepted, which is roughly 90 million merchants globally. The general director of Binance Latin America, Maximiliano Hinz, said in a statement:
“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. By using the Binance Card, merchants continue to receive fiat and the users pay in cryptocurrency they choose. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption and now it is available for users from Argentina.”
In order to acquire the card — which allows users to earn up to 8% back in crypto on certain purchases — Argentines will need to have a valid national identity card, a requirement that is already in place for credit cards. Argentina — where “crypto penetration” has reached 12% — is the first Latin America country yo debut a Binance Card, though the exchange had made a similar offering in the European Economic Area (EEA) in 2020.
On Friday, Binance also announced it will be adding support for three new altcoins to Binance Card — namely Ripple (XRP), Shiba Inu (SHIB), and Avalanche (AVAX) — which expands its support to 14 crypto assets. This change, however, will only apply to its EEA card, and not to the newly launched card in Argentina.