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Binance and Mastercard Launches Crypto Card In Argentina

Binance and Mastercard Launches Crypto Card In Argentina

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Argentina is the first country to use prepaid crypto cards in Latin America.

Binance, the world’s largest crypto exchange founded in 2017, is announced its collaboration with Mastercard to launch prepaid crypto cards.

By Press release distributed on August 4, the card will come enables customers to pay for their everyday purchases with digital assets and trying to bridge the gap between “cryptocurrency and everyday shopping”.

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By using this card, customers are eligible to pay with Bitcoin, BNB and other cryptocurrencies. Crypto investors can too withdraw funds at ATMs supported by Mastercardwhich, according to the press release, costs them nothing.

Binance announced that the card is currently in beta and “will be widely available in the coming weeks.” Argentina is the first country in Latin America to have this product. Earlier in April, Binance announced a similar initiative for Ukrainian refugees and the European Economic Area in 2020.

The Binance card will be available to all residents of the country who have has completed the Know Your Customer (KYC) process and submitted a valid national identity card.

What is exceptionally convenient about this card is that customers can monitor their cards through the Binance app or the company’s website. This allows customers to view their transaction history or manage their funds with just a few clicks. Moreover, they are entitled get 8% back in cryptocurrencies for certain purchases.

Speaking about this initiative, Maximilian Hinz, CEO of Binance Latin America stated:

Payments are one of the first and most obvious use cases for crypto, but adoption has a lot of room for growth. Using the Binance Card, merchants continue to receive Fiat and users pay in the cryptocurrency of their choice. We believe that the Binance Card is a significant step in encouraging wider use and global adoption of crypto, and is now available to users in Argentina.

Binance Card is not the first cryptocurrency card initiative launched in this country. In 2021, Lemon Card Visa launched and offers 2% cash back to Argentinian users. Other companies, e.g Buenbit and Belo have also collaborated with Mastercard unlock prepaid crypto reward cards.

Gile K. - cryptanalyst

by Gile K. – Crypto Analyst, BitDegree

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