Binance and Mastercard have announced the launch of a prepaid rewards card in Brazil, allowing customers to make everyday purchases with cryptocurrency. The card will be available to all new and existing Binance users in Brazil with a valid national ID.
The card will enable users to convert their crypto holdings into fiat currency at the point of purchase, with a 0.9% conversion fee. It also comes with perks including up to 8% cashback in crypto on eligible purchases, and zero fees on ATM withdrawals.
This marks the second Latin American country where the card is available, following Argentina’s rollout last year. Brazil’s congress passed a bill last year that gives cryptocurrency payments legal status in the country—though without making the assets legal tender.
Guilherme Nazar, general manager at Binance for Brazil said: “Brazil is an extremely relevant market for Binance and we will continue to invest in new services for local users, as well as contributing to the development of the blockchain and crypto ecosystem in the country.”
The card will be widely available in the next few weeks, giving Brazilian customers access to Mastercard’s network of 90 million merchants worldwide.
The Binance Card is a great way for users to make everyday purchases with their crypto holdings, while also taking advantage of the benefits of Mastercard’s global network. This partnership between Binance and Mastercard provides customers with an easy and secure way to spend their cryptocurrency.
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