Binance Card will allow Brazilians to make purchases and pay bills using BTC and 13 other cryptocurrencies.
Binance announced a prepaid crypto card launched together with Mastercard in Brazil. FinTech platform Dock, which operates under license from Banco Central do Brasil (BCB), acted as a technical partner of the project.
Binance Card will be available to crypto exchange users with valid Brazilian passports. The card will enable customers to pay for purchases and make other payments using 14 various cryptocurrencies, including BTC and ETH, stablecoins USDT and BUSD, tokens ADA, DOT, SOL, MATIC and LINK, a meme coin SHIB, a fun token SANTOS, and Binance’s BNB. Cryptocurrency is automatically converted to Brazilian real during the payment process.
The conversion fee will be 0.9%. The card also supports the Brazilian real (BRL), with no transaction fees. Besides, some purchases will imply up to 8% cashback in crypto, and some ATMs will charge zero fees on cash withdrawals. The card is in beta testing and will be available to users in the coming weeks.
The press release notes that Brazil is one of the top 10 global markets for Binance. Earlier, Binance and Mastercard launched a crypto card in Argentina, whose citizens actively use cryptocurrencies to fight inflation.
Guilherme Nazar, General Manager at Binance for Brazil, emphasizes that “Brazil is an extremely relevant market for Binance,” and the company intends to continue investing in the development of the crypto ecosystem in the country. He also notes that payments are one of the “most obvious use cases for crypto,” but not the only one, so the current initiative is “a significant step in encouraging wider crypto use and global adoption.”
In late 2022, Brazil passed a law legalizing crypto payments and establishing a licensing regime for virtual asset service providers. Earlier, CoinsPaid representatives shared the results of a survey according to which two-thirds of Brazilians were ready to regularly use cryptocurrencies.