Binance, the largest cryptocurrency exchange worldwide, has partnered with global payments firm Mastercard to launch a prepaid cryptocurrency card in Brazil.
The company announced the launch of its Binance Card in the Latin American country on January 30.
The card is issued by Dock, the payments institution regulated by Brazil’s central bank, Banco Central do Brasil.
Taking to Twitter, Binance declared the move “another step towards crypto adoption”.
The Binance Card will enable both new and current Binance users – with valid national IDs in the country – to pay bills and make purchases with crypto assets.
However, the card is currently in its beta testing phase and will be “widely available in the coming weeks”.
Allowing real-time conversion from 14 crypto assets to fiat at the point of sale, the card comes with perks of up to 8% cashback in cryptocurrencies on eligible purchases with zero fees on a select few ATM withdrawals.
Having originally launched its crypto card last August in Argentina, Brazil is the second country in Latin America where Binance has launched its product.
Brazil is reportedly among the top 10 markets for Binance globally and leads the global average for crypto usage and adoption, according to Mastercard’s 2022 New Payments Index.
The survey of more than 35,000 respondents worldwide found that 49% of Brazilians have carried out at least one transaction related to crypto over the past year, compared to the global average of 41%.
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