Binance, the world’s largest cryptocurrency exchange, has partnered with multinational financial services giant Mastercard to launch a prepaid card in Brazil. This follows their successful launch of a similar card in Argentina last summer. The card is still in beta testing and should be available to users in the coming weeks. It is part of Binance’s goal to “broaden the connection between traditional finance and crypto”. Customers will be able to use the card in any shop that employs Mastercard’s payment services, with a maximum withdrawal of 45,000 pesos ($241) per day or up to 180,000 pesos ($964) per month. The prepaid cards launched in Brazil and Argentina could potentially boost the interest in digital currencies and improve financial inclusion in the region. Brazilians are among the global leaders in cryptocurrency adoption, with 41% of the surveyed admitting they are HODLers. This is likely due to the country’s political turmoil, galloping inflation, and general financial issues. Similarly, Argentina has seen a surge in popularity of digital assets, especially bitcoin and stablecoins, due to their own financial issues. Both countries could benefit from the increased access to financial services provided by the Binance and Mastercard prepaid cards.
