Binance announced the launch of the Binance Card in Brazil
Another prepaid cryptocurrency card has been introduced in Latin America by MasterCard and Binance in collaboration.
Binance announced the arrival of the Binance Card in Brazil on January 30. The new card is issued by Dock, a financial organization under Brazilian Central Bank regulation.
With legitimate national IDs, both new and current Binance users in the nation will be able to make purchases and pay bills using cryptocurrency. According to Binance, the card is now in the beta testing stage and will be “widely available in the coming weeks.”
After Argentina in August 2022, Brazil is the second country where Binance has made the product available. Brazil is listed as one of Binance’s top ten international markets in the release. According to Guilherme Nazar, General Manager at Binance Brazil, The card is a “major step in encouraging wider crypto use and global adoption.”
Additionally, he added:”Payments are one of the earliest and most straightforward uses for cryptocurrencies, but adoption still has a long way to go”. At the point of sale, the card will enable real-time conversion from 14 crypto assets to fiat. Benefits include 0% costs on select ATM withdrawals and up to 8% cashback in cryptocurrency on qualified transactions.
Brazil has higher acceptance and usage of cryptocurrencies than the worldwide average, according to Mastercard’s 2022 New Payments Index. A bill to permit the use of cryptocurrencies as a form of payment inside the nation was signed by outgoing President Jair Bolsonaro in December.
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