Binance and Mastercard to launch prepaid crypto card in Argentina
The world’s largest crypto exchange by trading volume, Binance announced it has partnered with Mastercard to launch a prepaid crypto card for the residents of Argentina.
According to the announcement, Binance said the card will allow users to buy items and pay bills, with Bitcoin, Binance’s own native cryptocurrency BNB and other cryptocurrencies. In addition, users can make ATM withdrawals with no transaction fees in fiat wherever Mastercard is accepted. The card will convert the cryptocurrency into fiat currency (in US dollars or Argentine pesos) instantly at sale. Users will also enjoy crypto cash back rewards from 1% to up to 8%.
The card is accepted to become ‘widely available in the coming weeks’ as the company pushes its mission to support global adoption of cryptocurrency further.
Argentina will be the first country in Latin America to have the card in beta mode . Previously in April this year, Binance launched a similar crypto card for its clients in Ukraine in order to enable Ukrainian refugees to be able to make crypto transactions and receive funds.
‘Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. By using the Binance Card, merchants continue to receive fiat, and the users pay in the crypto they choose. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption,’ said Maxi Hinz, General Director of Binance in Latin America.
Blockchain analysis firm Chainalysis has ranked Argentina as the 10th biggest adopter of cryptocurrencies in the world.