Binance Teams Up With Mastercard to Unveil Prepaid Crypto Card in Brazil
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Crypto Card Still Under Testing Phase
The exchange will charge a 0.9% fee for each transaction and offer up to 8% in crypto cashback, as well as allow free ATM withdrawals. The new product is still in the testing phase and will be rolled out in the coming weeks.
Binance rolled out a similar product in Argentina last year, also in partnership with Mastercard. However, it’s Brazil that seems to have the most adoption potential in Latin America.
Binance and Mastercard Partnership Important for Brazil
Binance Brazil general manager Guilherme Nazar said that Brazil was an extremely relevant market for Binance and the exchange will continue to invest in new services for local users, as well as contribute to the development of the blockchain and the crypto ecosystem in the country. Nazar’s comments about Brazil’s importance to Binance come as no surprise as crypto adoption in the country seems to be on the rise.
According to a survey by New Payments Index 2022, 49% of 35,000 survey participants said that they made at least one crypto transaction during the last 12 months before the report came out. For comparison, the global average is 41%.
Binance is the world’s largest crypto exchange. Its entrance into Latin America’s largest market is a significant step both to the exchange and crypto adoption in general.