Pro a Reuters Rapport, crypto exchange Binance will launch a popular product in Brazil, one of the most dynamic regions for the nascent asset class. The crypto exchange will roll out prepaid cards for its users in the country.
According to the report, Binance is trying to deploy initiatives to “broaden the connection between traditional finance and crypto” in the region. The company’s product is still in beta testing, but it will be available for users in the coming weeks.
Binance Expands Its Reach In Latin America
Mastercard and Binance created the Binance prepaid card in collaboration with Mastercard. The financial product will allow users in Brazil to shop, pay for bills and services, and spend in the million merchants associated with the Mastercard network.
Wéi Bitcoin confirméiert in August last year, Binance rolled out its prepaid card in Argentina. The card allows users to spend funds directly in crypto to “reduce the gap between” legacy and new payment rails. The product automatically converts any crypto to fiat upon checkout.
To access the product, users must complete a Know Your Customer (KYC) process and present a valid national Identification Document (ID). Users can earn additional rewards and access cashback when using the card.
When the Binance prepaid card was launched in Argentina, Walter Pimenta, Executive Vice President for Product and Innovation at Mastercard Latin America and the Caribbean, said:
Eis Aarbecht mat digitale Währungen baut op eisem staarke Fundament fir Wiel a Fridden vum Geescht z'erméiglechen wann d'Leit shoppen a bezuelen. Zesumme mat eise Partner huet Mastercard d'Bezuelungsindustrie gefouert fir d'Entrée zu dëser spannender neier Welt z'erméiglechen, hëlleft Millioune vun zousätzlech Benotzer a Krypto an aner digital Verméigen op eng sécher a vertrauenswürdeg Manéier ze bréngen.
Crypto A Solution In Times Of Economic Uncertainty?
In the region, crypto adoption has been high and trending to the upside. Argentina and Brazil are two of the largest economies in Latin America, and both are facing economic crises with high inflation and currency debasement.
In this context, crypto payment and products have become a solution for everyday people looking for access to stable forms of payment. Maximilian Hinz, General Director of Binance in Latin America, added:
Bezuelungen ass ee vun den éischten an offensichtlechste Benotzungsfäll fir Krypto, awer d'Adoptioun huet vill Plaz fir ze wuessen. Andeems Dir d'Binance Kaart benotzt, kréien Händler weider Fiat an d'Benotzer bezuelen an der Krypto Währung déi se wielen. Mir gleewen datt d'Binance Card e bedeitende Schrëtt ass fir méi breet Krypto Benotzung a global Adoptioun ze encouragéieren an elo ass et fir Benotzer aus Argentinien verfügbar.
Source: https://bitcoinist.com/binance-launch-cards-this-south-american-country/