Last year, Binance launched a cryptocurrency debit card with Visa. The product allows users of the crypto exchange platform to convert their cryptocurrency holdings into fiat at point-of-sale. In the same vein, Binance in partnership this time with Mastercard, launched a bitcoin prepaid card in Argentina for its users.
A first in Latin America
August 4, Binance and Mastercard announced the launch in Argentina of the BinanceCard, a prepaid card that will allow holders of Binance wallets to use it to make purchases, and pay bills in-store and online. The card issued by Credencial Payments is also valid for making payments at more than 90 million Mastercard merchants worldwide.
The approach, which is unprecedented in Latin America, is at the heart of Binance’s desire to democratize the adoption and use of bitcoin and altcoins around the world.
In the current context of high inflation of the Argentine Peso, the arrival of this card will be a real breath of fresh air for Argentine holders of crypto wallets with Binance. It is important to note that the map is only in its beta phase. It will be widely available in the country over the next few weeks, the partners assure.
“Users can enjoy a seamless transaction in which their cryptocurrencies are converted into fiat currency in real time at the point of purchase. They can also earn up to 8% cryptocurrency cashback on qualifying purchases and enjoy zero fees on ATM withdrawals.”explains a joint note.
The launch of Binance’s new prepaid card is sure to boost the adoption and use of cryptocurrencies in everyday life in Argentina. This, especially since the current inflation rate of the local currency makes life harder for the inhabitants.
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