- Mastercard and Binance have announced the launch of a bitcoin and crypto backed prepaid card in Brazil.
- The prepaid card will allow users in Brazil to make purchases and pay bills with cryptocurrencies.
- Brazil is one of the company’s top 10 markets, and the launch of the prepaid card is part of Binance’s effort to “broaden the connection between traditional finance and crypto.”
Mastercard and Binance have recently announced the launch of a bitcoin and crypto backed prepaid card in Brazil, Latin America’s largest economy. This new Binance Card will enable new and existing users in Brazil to pay bills and shop with cryptocurrencies at Mastercard merchants. According to estimates, over 10 million of Brazil’s population utilize cryptocurrency. The launch of this prepaid card is part of Binance’s effort to bridge the gap between traditional finance and crypto.
The Binance Card is currently in beta testing but is expected to be widely available soon. It charges a 0.9% fee per transaction involving bitcoin, while offering 8% cashback on select purchases. Additionally, there are no fees for ATM withdrawals when using this card. Furthermore, it has already been launched in Argentina before being rolled out in Brazil next.
Rationale Behind Launch
Brazil has experienced high inflation rates since the start of the pandemic similar to many other countries around the world, leaving citizens with an appetite for sound money. This makes it one of Binance’s top 10 markets as well as a potential market for cryptocurrency adoption due to its large population size (over 214 million). The launch of this prepaid card provides Brazilian citizens with an accessible way to utilize cryptocurrencies without having direct knowledge about them or taking on additional risk associated with holding them directly.
By allowing users access to their funds through an easily accessible payment method such as a prepaid card, Brazilian citizens can now benefit from making payments or shopping online without having any prior experience or knowledge about digital currencies or blockchain technology itself. Furthermore, they can also enjoy cashback rewards on select purchases made through this service while also having access to their funds whenever they want via ATMs without incurring extra fees or charges.
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In conclusion, Mastercard’s partnership with Binance has enabled Brazilian citizens access to cryptocurrency services via their own currency backed by both companies’ networks which helps bridge traditional finance with digital assets like Bitcoin & Ethereum etc.. The launch of this prepaid card not only provides convenience but also potentially opens up more opportunities for people looking into utilizing digital currencies without needing any prior knowledge or understanding about them first hand as it allows seamless integration into existing payment systems already used by many today worldwide!