Binance partners with Mastercard Inc to launch a prepaid card in Brazil.
Binance Card offers a BNB cashback of up to 8.0% on eligible transactions.
Binance currently identifies Brazil as one of the largest markets it serves.
Mastercard Inc, on Monday, partnered with Binance to introduce a prepaid card in Brazil – the largest economy in Latin America. Its shares are still trading down in extended hours.
Binance Card to encourage wider crypto use
Binance expects its crypto card to help further bridge the gap between conventional banking and digital assets. According to Guilherme Nazar – General Manager at Binance for Brazil:
Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. We believe Binance Card is a significant step in encouraging wider crypto use and global adoption.
Just months ago, Binance and Mastercard had partnered to launch the said offering in Argentina as Coin Journal reported HERE. Following beta testing, it will now be available broadly in Brazil in the coming weeks.
Mastercard has over 90 million merchants worldwide.
Binance Card offers lucrative cashbacks
Using the crypto card to make purchases will earn users a BNB cashback of up to 8.0% that will go directly to their Binance Funding Wallet. Nazar also said:
Brazil is an extremely relevant market for Binance and we’ll continue to invest in new services for local users, as well as contributing to the development of the blockchain and crypt ecosystem in the country.
Binance currently identifies Brazil as one of the largest markets it serves.
Users will be able to get their first card for free but re-issuance will cost them $25. The Binance Card will reportedly support multiple cryptocurrencies as well.