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Binance and Mastercard are uniting once again to present a new offering in Brazil: a Binance-branded prepaid crypto card. The move comes as crypto popularity swells in Latin America, with citizens grappling with high inflation and capital restrictions.
The launch of the Binance prepaid crypto card in Brazil builds on the success of its counterpart in Argentina, launched by Binance and Mastercard last year.
LIVE: @binance parteneri cu @MasterCard to launch crypto card in Brazil, a closer look at the divide over Bitcoin NFTs and more.
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- CoinDesk (@CoinDesk) Ianuarie 30, 2023
The Binance prepaid crypto card is designed to provide Binance users with a convenient way to manage and spend their cryptocurrency holdings. Users with a valid national identification will have the ability to make purchases and pay bills with their crypto assets.
The card is issued by Dock and is currently in beta testing, with plans for a widespread release in the coming weeks. This highlights Binance’s continued efforts to evolve and improve the connection between servicii financiare traditionale and the rapidly growing crypto industry.
Crypto Use Increases in Latin America with Multiple Prepaid Crypto Cards
Latin America is increasingly becoming a hub for cryptocurrency activity, as its citizens turn to digital assets as a hedge against high inflation and restrictions on capital. In 2022, the region was the seventh largest cryptocurrency market in the Chainalysis index, with crypto transactions totaling $562 billion from 2021 to 2022, representing a 40% increase.
De mult așteptată #Binance Card now available in Brazil 🇧🇷
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- CZ 🔶 Binance (@cz_binance) Ianuarie 30, 2023
This growing interest in Bitcoin and other cryptocurrencies can be seen in countries such as Argentina, where inflation reached nearly 100% in 2022. Beyond being a hedge against inflation, cryptocurrencies are also used for remittances between countries to bypass increasingly tight capital controls and reduce transfer fees.
Binance has taken notice of this trend and is clearly committing to investing in new services and contributing to the development of the blockchain and crypto ecosystem in Brazil.
“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 Binance’s general manager for Brazil, Guilherme Nazar.
Binance has said it also has plans to expand the Binance prepaid crypto card into new markets in the future. Meanwhile, other crypto exchanges have also entered the prepaid crypto card market and are looking to expand globally, including Blockchain.com and Crypto.com. FTX also planned to roll out a Visa debit card across more than 40 countries before filing for Chapter 11 bankruptcy protection.
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Source: https://insidebitcoins.com/news/growth-in-crypto-interest-in-this-south-american-country-leads-to-binance-mastercard-tie-up