World¡¯s Biggest Crypto Exchange Binance Partners With Mastercard To Launch Crypto Card In Brazil

World¡¯s largest crypto exchange Binance has announced that it is launching a prepaid crypto card in Brazil, which is Latin America's largest economy, as part of the crypto giant's efforts to "broaden the connection between traditional finance and crypto".

The Binance Card

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According to a statement, the ¡¯Binance Card¡¯ is currently in beta testing and should be widely available in the next few weeks, making Brazil the second country in Latin America to receive it after Argentina, as per Reuters report.

Brazil is one of Binance's ten-largest markets, the crypto exchange said, adding that the prepaid card will allow all new and existing Binance users in Brazil with a valid national ID to make purchases and pay bills with cryptocurrencies, including Bitcoin and BNB, at over 90 million Mastercard merchants worldwide, both in-store and online.

Users can enjoy a seamless transaction in which their cryptocurrencies are converted to fiat currency in real-time at the point of purchase. One of the perks includes up to 8% cashback in crypto on eligible purchases and zero fees on ATM withdrawals (although please note that third-party services and network fees may apply).

As per Binance, Binance cardholders will be able to manage their cards through the card dashboard on the Binance App and website. Users will also be able to view their transaction history and access customer support via the card dashboard.

By using the Binance Card, merchants continue to receive fiat and the users pay in any cryptocurrency they choose across 14 supported currencies.

Adoption and Innovation

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Guilherme Nazar, General Manager at Binance for Brazil says: ¡°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.

¡°Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. 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.¡±

The 2022 Mastercard New Payments Index, a global survey of more than 35,000 respondents, found that Brazil is one of the top markets in crypto interest across the world: 49% of Brazilian consumers have done at least one crypto related activity in the past year in comparison with the global average of 41%.

¡°Brazilians are eager to embrace crypto beyond an investment asset. Today is an exciting step in our crypto journey, which draws on the strengths of both our trusted global network and Binance¡¯s infrastructure to support consumer choice in payments¡±, says Marcelo Tangioni, Mastercard Country Manager, Brazil,as per Binance report.

Also Read: Binance CEO Says He's 'Poor Again' After Terra Luna Holdings Crash

Currencies and Fees

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As per Binance, Binance Card holders in Brazil will be able to pay by using 14 different currencies, including the Brazilian Real, BNB, BUSD, USDT, BTC, ETH, SANTOS, ADA, DOT, SOL, SHIB, XRP, MATIC, and LINK.

Users can select in the app or platform the preferred currencies they intend to use. Payments with BRL are zero fee (please note that third-party services and network fees may apply), while there's an applicable 0.9% conversion fee on payments using cryptocurrencies.

In addition to supporting additional cryptocurrencies, Binance plans to continue to expand the card into new markets around the world.

Also Read: How 10 Major Cryptocurrencies Have Performed In 2022

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