Binance and Mastercard are offering prepaid cards in Brazil as regional interest in crypto surges

Together with Mastercard, the cryptocurrency exchange Binance will offer a prepaid card in Brazil.

Mastercard and cryptocurrency exchange Binance are collaborating once again to develop a prepaid Binance card in Brazil.

According to a business press release, the card would allow Binance users with proper national identity to make purchases and pay bills using cryptocurrency.

“The prepaid card is part of Binance’s continued efforts to provide a bridge between traditional financial services and the expanding cryptocurrency ecosystem,” the exchange added.

The card is issued by Dock and is now undergoing beta testing, with intentions to disseminate it publicly in the coming weeks.

In Argentina, Binance launched a prepaid Mastercard card last year. “Brazil is an incredibly important market for Binance, and we will continue to invest in new services for local consumers, as well as contribute to the growth of the blockchain and cryptocurrency ecosystem in the nation,” said Guilherme Nazar, Binance’s general manager for Brazil.

Last year, Latin America was the seventh biggest cryptocurrency market in the Chainalysis index, with Latin American individuals receiving $562 billion in crypto, a 40% increase from the previous year. In Argentina, where inflation almost reached 100 percent in 2022, there has been a surge of interest in cryptocurrencies. In an attempt to evade capital regulations and expensive transfer fees, cryptocurrencies are widely utilized for international remittances.

The company intends to continue expanding the card into other areas. Several cryptocurrency exchanges, such as Blockchain.com and Crypto.com, have launched card partnerships. Prior to filing for bankruptcy, the collapsed cryptocurrency exchange FTX intended to distribute Visa debit cards in over 40 countries. Visa ended the agreement after the exchange filed for Chapter 11 bankruptcy protection and announced that the issuer will wind down the U.S. debit card program.

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