Argentina is the first country to employ prepaid crypto cards in Latin America.
Binance, the world’s largest crypto exchange established in 2017, has announced its collaboration with Mastercard to launch prepaid crypto cards.
According to the press release shared on August 4th, the card will allow customers to pay for their everyday purchases in digital assets and will attempt to reduce the gap between “cryptocurrencies and everyday purchases”.
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By using this card, customers will be eligible to pay using Bitcoin, BNB, and other cryptocurrencies. Crypto investors will also be able to cash out their funds in Mastercard-supported ATMs, which according to the press release, will cost them nothing.
Binance announced that the card is currently at a beta stage and “will be widely available in the coming weeks", making Argentina the first country in Latin America to have this product. Earlier in April, Binance announced a similar initiative for Ukrainian refugees and the European Economic Area in 2020.
The Binance card will be available to all residents of the country, who have completed the Know Your Customer (KYC) process and have provided a valid national identity card.
What is exceptionally convenient about this card is that customers will be able to supervise their cards through Binance App or the company's website. This way, customers will be able to view their transaction history or manage their funds with a few clicks. Moreover, they will be eligible to receive 8% back in cryptocurrencies for specific purchases.
General Director of Binance in Latin America, Maximilian Hinz, when talking about this initiative noted:
Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. By using the Binance Card, merchants continue to receive fiat and the users pay in cryptocurrency they choose. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption and now it is available for users from Argentina.
The Binance Card is not the first crypto card initiative launched in this country. Back in 2021, Lemon Card Visa was launched offering 2% cash back for Argentine users. Other companies such as Buenbit and Belo have also partnered with Mastercard to release prepaid crypto rewards cards.