Strengthening Its Position In Latin America, Binance: Brazil Is A Relevant Market For Us

Binance crypto exchange strengthens its presence in Latin America. (Photo; Doc. Binance)

JAKARTA The world's largest crypto trading company by its daily trading volume, Binance, has strengthened its presence in a number of Latin American countries, one of which is Brazil. Binance presents new services to develop traditional and crypto financial services.

The company founded by Changpeng Zhao announced its collaboration with payment giant Mastercard. The partnership is aimed at launching a Binance Card in Brazil and will be widely available in the near future. In a recent announcement, Binance, as a crypto exchange platform, expressed its commitment to establishing relationships with traditional financial services.

"Binance Card is part of our ongoing efforts to develop relations between existing financial services and the growing crypto ecosystem. The card is in the beta launch phase in Brazil, and will be widely available in the coming weeks."

The crypto exchange states that Brazil is one of Binance's biggest markets. The country will be the second country to launch a Binance Card after Argentina last year. Furthermore, the company stated that Brazilian Binance users who have verified their accounts can use the Binance Card via the Binance app for the purchase of bill payments with cryptocurrencies.

"The Binance Card issued by DOC will allow all new and existing Binance users in Brazil with valid ID cards to purchase and pay bills in cryptocurrencies, including Bitcoin and BNB, across the world more than 90 million Mastercard traders, both at home and abroad," Binance wrote.

Users can enjoy unrestrained transactions where their cryptocurrency is converted into fiat currency in real-time on-site purchases. One of the advantages offered is cashback up to 8% in crypto form for eligible and free-cost purchases for ATM withdrawals (although it's worth remembering that third-party services and network fees may apply)," Binance added.

Binance users can use the Binace Card for payments using 14 different currencies provided by the company including real Brazil and cryptocurrencies.

"Binance Cardholders in Brazil will be able to pay using 14 different currencies, including Real Brazil, BNB, BUSD, USDT, BTC, ETH, SANTOS, ADA, DOT, SOL, SHIB, XRP, MATIC, and LINK."

Given Brazil's potential as one of Binance's biggest markets, Guilherme Nazar, as General Manager of Binance Brazil stated: "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 blockchain development and crypto ecosystems in the country."

He added that payments are one of the clearest cases of crypto use and have the potential to increase cryptocurrency adoption. Furthermore, he believes Brazilians who are open to innovation will make the country the right marketplace for the launch of the Binance Card.