- Binance and Mastercard launch crypto card in Brazil.
- Supports 13 cryptocurrencies with cashback and low transaction fee.
- Currently in testing phase, Brazil seen as significant market for Binance.
Binance, a leading crypto exchange, has entered into a partnership with Mastercard to introduce a prepaid crypto card in Brazil. The card will allow users to make payments using 13 different cryptocurrencies including popular options like bitcoin, ether, and Binance USD. Binance has stated that it will charge a fee of 0.9% for each transaction and will offer up to 8% cashback on purchases made with crypto. In addition, the card will enable users to make ATM withdrawals without incurring any fees. The card is currently in a testing phase and is expected to become widely available in the near future.
Binance views Brazil as a crucial market and is committed to investing in new services for local users and contributing to the development of blockchain and crypto in the country. Guilherme Nazar, the general manager of Binance Brazil, stated in a press release, “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.” A Mastercard study conducted in 2022 found that 49% of Brazilian consumers have made at least one transaction using crypto in the past 12 months, compared to a global average of 41%.
This is not the first time Binance has launched a card in partnership with Mastercard. In August 2022, the company announced a similar offering in Argentina and in August 2020, it introduced a similar product in the European Economic Area. Marcelo Tangioni, the President of Mastercard in Brazil, said in a press release, “Brazilians are eager to use cryptocurrency beyond an investment asset.” With the launch of its latest card, Binance is looking to provide consumers in Brazil with a convenient and accessible way to use their crypto.