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A new bitcoin and crypto-backed prepaid Binance card is coming to Brazil, one of the largest exchange markets.
Mastercard and Binance have announced the launch of bitcoin and crypto-backed prepaid cards in Brazil, Latin America’s largest economy.
According to a blog post, Binance Card is currently in beta testing and is expected to be widely available in the country in the next few weeks. The Binance Card is currently available in many European countries.
The Brazilian version will “allow all new and existing Binance users in Brazil with a valid national ID to make purchases and pay bills with cryptocurrency.” It will charge a 0.9% fee per transaction involving bitcoin, according to the blog, and there will be an 8% cashback offer on select purchases, while allowing fee-free ATM withdrawals.
Brazil is one of the company’s top 10 markets, according to Binance, and the card will allow new and existing users in the country to pay bills and shop with cryptocurrency at Mastercard merchants. The launch of the prepaid card is part of Binance’s efforts to “expand the relationship between traditional finance and crypto.” The card has been launched in Argentina and will later be launched in Brazil.
Brazil is one of the biggest potential markets in the world, just by the numbers. According to estimates, more than 10 million of the country’s population of about 214 million use cryptocurrencies. Brazil has also experienced high inflation rates since the start of the pandemic similar to the United States, leaving its citizens wanting healthy money.
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