The world’s largest cryptocurrency exchange by trading volume, Binance, has launched its first prepaid cryptocurrency Mastercard in South America. The card will be available to Brazilians and can be used to make everyday purchases and payments with crypto transactions.
The card will support multiple fiat currencies and cryptocurrencies, including Brazilian real, Bitcoin, and BNB, the native token of Bitcoin. It can be used to make payments at more than 90 million retailers around the world.
“Brazil is an incredibly important market for Binance, and we are committed to providing new services for local users, as well as contributing to the development of the blockchain and crypto ecosystem in the country,” said Guilherme Nazar, Binance General Manager for Brazil.
All crypto transactions will incur a 0.9% conversion fee, while customers can withdraw cash from ATMs at no cost and get 8% cashback. The fee structure enables customers to convert fiat currency to crypto quickly, which is a critical factor for cryptocurrency payments on the blockchain.
“Brazilians are eager to embrace cryptocurrencies beyond an investment asset,” said Marcelo Tangioni, Mastercard’s Country Manager for Brazil. “This builds on the trust and reliability of our global network of Binance infrastructure to provide customers with payment options.”
Brazil saw more than $4 billion in crypto transactions in the last year. President Jair Bolsonaro has given the go-ahead to legislate to regulate crypto payments in the South American country, but cryptocurrencies are not yet legal tender.
