Mastercard and Binance Launch Prepaid Crypto Card in Brazil

JAKARTA - Mastercard Inc and Binance announced on Monday, January 30 that they are launching a prepaid card in Brazil, the country with the largest economy in Latin America, as part of the crypto giant's efforts to "expand the relationship between traditional finance and crypto".

According to a statement, “Binance Card (Binance Card)” is currently in beta testing and will be widely available in the next few weeks. This makes Brazil the second country in Latin America to receive it after Argentina.

“Brazil is one of Binance's ten largest markets,” said Binance. They added that the prepaid card will allow all new and existing Binance users in the country to shop and pay bills with cryptocurrency at merchants bearing the Mastercard mark.

The use of cryptocurrencies in Brazil is growing and is starting to be accepted by the public. Some of the ways in which cryptocurrencies are currently used in Brazil include, Money transfers. Cryptocurrencies are used for money transfers, especially for those who want to send money abroad.

Cryptocurrencies are also used as a means of payment for remittances in Brazil as well as used to pay for products and services online.

Some people in Brazil also use cryptocurrency as an investment instrument. Even so, there are still obstacles in using cryptocurrencies, such as lack of accessibility and education, as well as regulations that are still limited.