The well-known crypto currency exchange Binance and the international financial services provider Mastercard have partnered to provide a prepaid rewards card to the Brazilian market.
The new card will be made available to Brazilian citizens with a valid national ID, enabling these individuals to make purchases and settle payments utilizing crypto currencies.
The Binance Argentina Card, which facilitates (1) the real-time conversion of crypto currencies to local currency, was introduced the year before Binance's most recent agreement with Brazil. Users can spend their crypto currency with businesses located worldwide as a result of this.
Card to be Release Soon in Brazil
Brazil, along with Argentina, is one of the significant markets for Binance internationally. Additionally, Brazil is the second nation in Latin America to receive the product now that it has been introduced.
Guilherme Nazar, who serves as the general manager of Binance's operations in Brazil, referred to the country's market as "very significant" for the company. Nazar said that the cryptocurrency business would maintain its investment in the nation and continue to promote the development of the crypto currency ecosystem.
The crypto currency exchange made a release stating that the launch of the preloaded rewards cards contributes to the continuous attempts to integrate conventional financial services into the rapidly growing crypto currency industry.
The Binance card is now in the introductory beta phase. Still, the crypto currency firm has assured customers that it will be completely ready for usage by everyone within the next few weeks.
Binance claims that all users in Brazil, both current and new, have accessibility to the rewards credit card that supports 14 different cryptocurrencies, like Bitcoin and BNB. In the meantime, more than 90 million Mastercard retailers worldwide will accept it both online and in traditional stores, including physical and virtual locations. The crypto currency firm elaborated as follows:
"Users may take pleasure in a transaction that is as smooth as possible, in which their crypto currencies are changed into fiat cash in real-time at the moment of purchase. One of the benefits is a payback in crypto currency of up to 8% on purchases that qualify and no fees on cash withdrawals from ATMs.
However, cardholders need to be aware that there is a possibility that they will be responsible for paying network costs for third-party services.
Additionally, the software for the exchange comes equipped with a card dashboard that allows customers to manage their respective cards. In addition, card management functions may be accessed through the Binance website.
The Increasing Popularity of Crypto in Brazil
A poll with more than 35,000 participants from around the world indicated that Brazil is one of the leading countries for crypto currency interest.
Compared to the average of 41% throughout the globe, the 2022 Mastercard New Payments Index found that 59% of Mastercard customers in Brazil have participated in at least one transaction using crypto currencies over the previous year.
Marcelo Tangioni, the Country Manager for Mastercard in Brazil, discussed the acceptance of cryptocurrencies in Brazil.
"The Brazilian public is keen to accept crypto currency beyond its use as an investment asset. "Today marks an important milestone in the crypto path, which draws on the assets of our trusted worldwide network and Binance's infrastructure to facilitate consumer choice in payments," he said. "Binance is the world's leading blockchain ecosystem, and we're excited to be working with them."