- Binance and Mastercard Partner to Bring Crypto Card to Brazil.
- Binance customers can use the debit at any location that accepts Mastercard in Brazil.
- This decision was made following the government’s adoption of crypto law.
The largest cryptocurrency trading platform in the world, Binance, has introduced a Mastercard debit card in Brazil. Customers of Binance can now use a debit card to purchase their Bitcoin holdings anywhere Mastercard is accepted. With the product’s debut in Argentina last year, Brazil is now the second country in Latin America to get the card and among the top 10 markets for Binance globally.
In January 2023, the cryptocurrency trading platform announced that it would increase the availability of a bitcoin debit card worldwide. Binance’s debit card powered by Mastercard is now accessible in Brazil as promised.
With the help of the Binance Card App, customers of the cryptocurrency trading platform may top up their cards with money and instantly convert their cryptocurrency holdings to fiat that can be used at more than 90 million Mastercard merchant locations worldwide. Fees and commissions are automatically substracted but still need to be disclosed.
Guilherme Nazar, General Manager at Binance for Brazil said:
“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption, and the openness of Brazilians to innovation makes the country a great market for this release.”
“Brazil is an extremely relevant market for Binance, and we will continue to invest in new services for local users, as well as contribute to the development of the blockchain and crypto ecosystem in the country,” said Guilherme Nazar, general manager at Binance for Brazil.
Brazil is one of the top markets in terms of global interest in cryptocurrencies, according to the 2022 Mastercard New Payments Index, which surveyed more than 35,000 respondents worldwide: Compared to the global average of 41%, 49% of Brazilian consumers reported engaging in at least one crypto-related activity in the previous year.
Marcelo Tangioni, Mastercard Country Manager, Brazil, commented:
“Brazilians are eager to embrace crypto beyond an investment asset. Today is an exciting step in our crypto journey, which draws on the strengths of both our trusted global network and Binance’s infrastructure to support consumer choice in payments,”
Support For Several Currencies
Towards the end of 2022, the Brazilian government finally passed the crypto bill into law, which led to this decision. Brazil is the latest country where users of the Binance card can use it to pay for cryptocurrency purchases due to the passing of that law.
Users can use the Binance debit card to make cryptocurrency payments. Additionally, the card offers several advantages, including
a decrease in third-party fees and reimbursement of up to 8% of the BNB when the card is used in specific ways.
Brazilian cardholders will be able to make purchases using 14 different currencies. They include the Brazilian Real, Ethereum, and Binance’s own BNB and BUSD tokens and Bitcoin. Users can choose the preferred currencies they want to utilize within the app or platform.
Payments made with BRL incur no fees, whereas payments made with cryptocurrencies incur a conversion fee of 0.9%, although third-party services and network fees may also be applicable. Users can manage their cards through the card dashboard on the Binance App and website. The card, issued by Dock, is a perfect solution to satisfy Brazil’s growing demand for cryptocurrencies.
Latin America ranks fifth in the world for cryptocurrency adoption
Latin America is the fifth-most region in the world in crypto adoption, and it consistently accounts for between 8% and 10% of all cryptocurrency activity. Over the past two years, the use of cryptocurrencies in the area has multiplied ten times.
Meanwhile, almost three months have passed since Binance cut connections with its local payments partner in Brazil over differences in “its beliefs.”
According to Binance’s announcement, there are plans to increase the number of cryptocurrencies the card can support and expand its geographic reach to new nations.