Crypto Exchange Binance To Launch Prepaid Card In This South American Country
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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.
As Bitcoin reported 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.
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