As part of their Latam expansion, Binance and Mastercard introduce a cryptocurrency prepaid card in Brazil

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As part of Binance’s aspirations to expand in Latin America, the top cryptocurrency exchange has teamed up with credit card juggernaut Mastercard to introduce a prepaid crypto-linked card in Brazil.

The Binance card offers 8 shback for valid transactions and allows for the instant conversion of 13 cryptocurrencies to pay for goods and services from nearby shops.

The Binance card, a product that enables cryptocurrency users to make payments in cryptocurrency to traditional merchants, was launched in Brazil on January 30, according to Binance, a top cryptocurrency exchange by volume traded.

The Mastercard-backed card will allow the exchange’s registered users from all around Brazil to make cryptocurrency payments with any of the 13 accepted cryptocurrencies, including instant conversions to the Brazilian real.

Some people weren’t surprised to hear about the debut of this product because Matthew Shroder, global vice president and regional director at Binance, had mentioned Brazil as one of the top upcoming countries for the launch of a prepaid card in Latam back in September.

Since Brazil is one of the continent’s largest payment hubs, there is clearly interest in introducing these services to the country, according to Binance, where there is capacity for crypto to continue developing in the payments space.

Given Brazilians’ openness to innovation and our belief that the Binance Card is a crucial step toward promoting more crypto usage worldwide, we see Brazil as an ideal location for its launch.

Brazil, according to Nazar, is one of the most important markets for the exchange in the region. The company plans to continue investing in bringing new services and promoting the use of blockchain and cryptocurrencies in Brazil.

Although Binance has not made any official statements regarding this, it hopes to expand this product into new markets.

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