Binance, the world's largest cryptocurrency exchange, has partnered with Mastercard to launch a prepaid crypto debit card in Brazil, further driving the adoption of digital assets in the region.
With a valid national ID and the Dock-issued Binance Card, all new and current Binance users in Brazil will be able to make purchases, pay bills, and withdraw cash using their cryptocurrency holdings. The card will support 14 different cryptocurrencies and offer cashback of up to 8%, depending on the user's card level based on their BNB holdings.
"Brazil is an extremely relevant market for Binance, and we will continue to invest in new services for local users, as well as contributing to the development of the blockchain and crypto ecosystem in the country," said Guilherme Nazar, general manager at Binance for Brazil.
The launch of the Binance Card in Brazil comes at a time when the country is experiencing a surge in cryptocurrency adoption. According to the Chainalysis Global Crypto Adoption Index, Latin America was the seventh largest cryptocurrency market in 2022, with citizens of Latin American countries receiving $562 billion in crypto, a 40% jump from the previous year.
The Binance Card aims to further drive crypto adoption by making it easier for Brazilians to use digital assets for everyday transactions. Users can convert and spend cryptocurrencies at over 90 million Mastercard merchants worldwide. The card will be available in both physical and virtual formats, with the physical card being sent to the user's provided shipping address.
To ensure the security of the card, Binance has implemented several measures, including the requirement for users to complete identity verification (KYC) and the ability to temporarily freeze the card if needed. Users can also adjust the sequence of spending currencies and view their card details, such as the card number, CVV code, and expiration date, through the Binance Card Dashboard.
The launch of the Binance Card in Brazil is part of the exchange's ongoing efforts to bridge the gap between existing financial services and the growing crypto ecosystem. Binance plans to continue expanding the card into new markets, following in the footsteps of other crypto exchanges like Blockchain.com and Crypto.com, which have also rolled out card partnerships.
The partnership between Binance and Mastercard in Brazil is a significant step forward in the adoption of cryptocurrencies as a means of payment for everyday transactions. As more people embrace digital assets, the Binance Card aims to provide a convenient and secure way for Brazilians to use their crypto holdings for purchases and payments.
