- Users will be able to pay for goods and services in Brazil with 13 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Binance USD (BUSD).
- Binance will charge a 0.9% fee per transaction and offer up to 8% in crypto cashback. Users will also be able to make ATM withdrawals for free.
- Binance said that Brazil is an “extremely relevant market for Binance.” 49% of Brazilians made a crypto transaction in the past 12 months.
- Binance introduced a similar product in Argentina in 2022.
- Binance’s prepaid crypto card will be rolled out in the coming weeks.
Binance, the largest centralized crypto exchange in the world, has announced it has partnered up with Mastercard to introduce a prepaid crypto card in Brazil.
Binance said that the new prepaid card would allow users to pay for goods and services in Brazil with 13 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Binance USD (BUSD).
The long awaited #Binance Card now available in Brazil 🇧🇷— CZ 🔶 Binance (@cz_binance) January 30, 2023
3. Product & Service.https://t.co/T1vLuQZr4p
The exchange will charge a 0.9% fee for each transaction, offer up to 8% in crypto cashback, and allow free ATM withdrawals.
The new product is still testing and will be rolled out in the coming weeks.
“Brazil is an extremely relevant market for Binance and we’ll continue to invest in new services for local users, as well as contribute to the development of the blockchain and the crypto ecosystem in the country,” said Binance Brazil general manager Guilherme Nazar.
Binance rolled out a similar product in Argentina last year, also in partnership with Mastercard. However, Brazil seems to have the most adoption potential in Latin America.
Crypto Adoption Rising in Brazil
Nazar’s comments about Brazil’s importance to Binance are no surprise, as crypto adoption in the country seems to be rising.
According to a survey by New Payments Index 2022, 49% of 35,000 survey participants said that they made at least one crypto transaction during the last 12 months before the report came out. For comparison, the global average is 41%.
“Brazilians are eager to use cryptocurrency in addition to an investment asset. Today we take an exciting step on our crypto journey, which brings together the strengths of our highly reliable global network and Binance's infrastructure to support consumer choice for their payments”, said Mastercard Brazil president Marcelo Tangioni.
On top of that, Brazilians are active investors in cryptocurrencies. There are around 1.5 million individual and business crypto investors in the country, according to Brazil’s Federal Tax Office.
On the Flipside
- It’s unclear when exactly Binance’s prepaid card is going to roll out.
Why You Should Care
Binance is the world’s largest crypto exchange. Its entrance into Latin America’s largest market is a significant step for the exchange and crypto adoption. As always, crypto investors and users should do their own research before making financial decisions.