Binance, the world’s largest cryptocurrency exchange, has announced the launch of a crypto prepaid card in partnership with Mastercard in Argentina.
Binance said that the product is currently in beta and will become more popular in the coming days. All exchange members who are Argentine citizens will have access to Binance Card.
Thanks to the Mastercard partnership, users will be able to shop and pay bills with cryptocurrencies physically and online. While making purchases, cryptocurrencies will be converted to fiat money. Customers will also have the opportunity to earn up to 8% crypto cashback.
With this move, Argentina became the first Latin American country to launch Binance’s crypto card. The company submitted a similar offer in the European Economic Area in August 2020.
Maximiliano Hinz, general manager of Binance’s Latin America region, said:
“Payments are one of the most obvious use cases for cryptocurrencies. But there is still a lot of room for increased adoption.
With Binance Card, merchants will be able to receive payments with fiat money, while users will have the convenience of paying with crypto money.”
Argentina is actively involved in the crypto card issue. The country’s local stock markets are making similar moves. With 1.3 million users, Lemon Cash started to offer crypto card services in partnership with VISA. Similarly, Buenbit has partnered with Mastercard.
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