Binance, MasterCard launch prepaid cards in Brazilian market

Binance, MasterCard launch prepaid cards in Brazilian market

The Binance Card has just been launched in Brazil by Binance and Mastercard, two of the world’s most prominent companies in their respective industries. Following the launch of the card in Argentina last year, Brazil became the second Latin American country to have the product.

As of now, the card is in beta testing, and it will be widely available soon. On its website, Binance explains that the prepaid card is part of its ongoing effort to bridge existing financial services with the emerging crypto ecosystem.

Users of the Binance Card in Brazil can pay bills and make purchases with cryptocurrencies, including Bitcoin and BNB, at over 90 million Mastercard merchants worldwide, in-store and online.

Binance and Mastercard’s partnership is another sign of cryptocurrency and blockchain technology’s growing popularity. Products like the Binance Card will likely become more popular as people turn to digital assets for various reasons, including financial freedom, privacy, and security.

Crypto adoption in Brazil

Binance’s general manager for Brazil, Guilherme Nazar, said the country is a very relevant market for Binance. The company will continue to invest in new services and contribute to developing the blockchain and crypto industry.

“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption, and the openness of Brazilians to innovation makes the country a great market for this release.”Guilherme Nazar, Binance General Manager for Brazil

Brazil is one of the top markets for crypto interest worldwide, according to the Mastercard New Payments Index for 2022. In its global survey of more than 35,000 respondents, 49 percent of Brazilian consumers have undertaken at least one crypto activity within the last year, which is higher than the global average of 41 percent.

Brazilian Binance Card holders can pay with 14 different currencies, including the Brazilian real, USDT, BTC, ETH, SOL, SHIB, XRP, and LINK.