The leading cryptocurrency exchange Binance is collaborating with financial services titan Mastercard to launch a new crypto card in South America.
The two firms recently declared their intention to launch the “Binance Card” in Argentina within the following weeks.
According to a recent press release from Binance, Credential Payments, a fintech startup located in Buenos Aires, will issue the card, which intends to “bridge the gap between cryptocurrencies and ordinary expenditures.”
Customers can make purchases and bill payments using digital assets at more than 90 million Mastercard merchant locations worldwide. The card transforms crypto assets straight into fiat cash at the moment of purchase.
Mastercard has already gone into the realm of cryptocurrencies. In June, the company permitted credit card purchases of non-fungible tokens (NFTs) without the need to first acquire virtual assets.
Mastercard cooperated with the leading U.S. cryptocurrency exchange platform Coinbase in January, enabling consumers to acquire digital collectables on Coinbase’s NFT marketplace using their credit cards.
Other credit card heavyweights have lately entered the cryptocurrency market. In June, it was reported that American Express is developing its first-ever credit card with cryptocurrency benefits.
Visa has also worked with at least 65 crypto platforms, including industry titans FTX, BlockFi, Crypto.com, Coinbase, and Binance, to enable users to convert and utilise digital assets to pay for products and services.