• Binance is launching a prepaid card in Brazil, in collaboration with Mastercard, which allows users to shop, pay for bills and services, and spend in the million merchants associated with the Mastercard network.
• The product requires users to 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.
Binance, the world’s largest cryptocurrency exchange, is expanding its reach into the dynamic Latin American market of Brazil with the launch of its prepaid card. The card, developed in collaboration with payment giant Mastercard, will enable users to shop, pay for bills and services and spend in the million merchants associated with the Mastercard network.
The prepaid card, still in its beta testing stage, will be available to users in the next few weeks. The product seeks to bridge the gap between traditional finance and the new payment rails enabled by blockchain technology. The card functions by automatically converting any crypto held by the user into fiat currency at the time of checkout, allowing users to make purchases with crypto but pay in their local currency.
In order to access the product, users must first complete a Know Your Customer (KYC) process, which involves providing a valid national Identification Document (ID). This is necessary in order to meet the requirements of the local regulators. Additionally, users will be able to earn rewards and access cashback when using the card.
This is not the first foray into the Latin American market for Binance, as the exchange had previously rolled out its prepaid card in Argentina. The company is hoping to capitalize on the growing crypto market in the South American region, and is actively working to make crypto more accessible to the general public.
The launch of the prepaid card in Brazil could be a major step forward in the adoption of crypto in the country, and could be instrumental in helping the asset class become more widely accepted in the region. With the expansion of its services, Binance is hoping to further solidify its position as the leading cryptocurrency exchange in the world.