Additionally, holders of Argentine credit cards may receive up to 8% of specific purchases back in cryptocurrency. The company said the card launch, which would be "widely available in the coming weeks," was a part of Binance's efforts to promote the use of cryptocurrencies worldwide.
The cards will first be available to residents of Argentina. However, in April, the cryptocurrency exchange announced similar initiatives for users of Binance, Ukraine, and the European Economic Area in 2020. Maximiliano Hinz, general director of Binance in Latin America said,
"Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow,"
Argentines must possess a current Documento Nacional de Identidad to use the card. Similar specifications currently apply to credit cards provided by regional cryptocurrency exchanges. In 2021, Buenbit and Belo teamed with Mastercard to release prepaid and crypto rewards cards, respectively. Lemon Card introduced a card with Visa promising 2% back in BTC for Argentine consumers.