Last year, Binance launched a cryptocurrency debit card with Visa. The product allows users of the crypto exchange platform to convert their cryptocurrency holdings to fiat at the point of sale. Similarly, Binance in partnership this time with Mastercard launched a bitcoin prepaid card in Argentina for its users.
The first in Latin America
August 4, Binance and Mastercard Announced address the Binance Card, a prepaid card that will allow Binance wallet holders to use it to make purchases, and pay bills in store and online. The card issued by Credencial Payments is also valid for making payments at more than 90 million Mastercard merchants worldwide.
The approach, unprecedented in Latin America, is at the heart of Binance’s desire to democratize the acceptance and use of bitcoin and altcoins around the world.
In the current context of high inflation of the Argentine Peso, the arrival of this card will be a real breath of fresh air for holders of Argentine crypto wallets with Binance. It is important to note that the map is only in beta stage. It will be widely available in the country in the coming weeks, the partners confirmed.
“Users can enjoy a seamless transaction where their cryptocurrencies are converted to fiat currency in real time at the point of purchase. They can also earn up to 8% cryptocurrency cashback on qualifying purchases and enjoy zero fees on ATM withdrawals.”joint note explains.
The launch of Binance’s new prepaid card is sure to boost the acceptance and use of cryptocurrencies in everyday life in Argentina. This, especially since the current rate of inflation of the local currency makes life more difficult for the inhabitants.
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Luc Jose Adjinacou
Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and share my pen knowledge related to this ecosystem.