Binance and Mastercard have launched a prepaid gift card in Brazil that allows customers to make everyday purchases with cryptocurrency.
New and existing Binance users will be able to use the card to buy goods and pay bills Bitcoins and other cryptocurrencies across the Mastercard network of 90 million merchants, Binance said in a statement seen by Decryption.
It also comes with perks including up to 8% cashback in crypto for qualifying purchases, and zero fees for ATM withdrawals.
When the card becomes widely available in the next few weeks, it will make Brazil the second Latin American country where the card is available, following the launch of Argentina last year.
Like the Argentina card, user funds will be converted from crypto to fiat currency in real time at the point of purchase. Payments made using crypto are subject to a 0.9% conversion fee.
“Brazil is a very relevant market for Binance and we will continue to invest in new services for local users, as well as contribute to the development of the blockchain and crypto ecosystem in the country,” said Guilherme Nazar, general manager at Binance for Brazil.
Crypto, Binance and Brazil
Last year, Brazil’s congress passed a bill that gave cryptocurrency payments legal status in the country—albeit without making the asset legal tender.
Past signed into law by President Jair Bolsanaro at the end of last year.
“Brazilians are eager to embrace crypto beyond investment assets,” said Marcelo Tangioni, Mastercard country manager for Brazil, about Binance’s latest announcement.
Cardholders in Brazil will be able to pay using 14 different currencies. In addition to the Brazilian Real, this includes Bitcoins, Ethereumand Binance’s own BNB and BUSD tokens.
Plans are underway to increase the number of cryptocurrencies supported by the card, according to a Binance statement, as well as expand its availability to more countries around the world.
Stay on top of crypto news, get daily updates in your inbox.
