Last year, Binance launched a cryptocurrency debit card with Visa. The product allows users of the crypto exchange platform to convert their cryptocurrency holdings into fiat at points of sale. In the same vein, Binance, in partnership this time with Mastercard, has launched a bitcoin prepaid card in Argentina for its users.
A first in Latin America
On August 4, Binance and Mastercard have announced the launch in Argentina of the Binance Card, a prepaid card that will allow Binance wallet holders to use it to make purchases, and pay bills in stores and online. The card issued by Credencial Payments is also valid for making payments at more than 90 million Mastercard merchants worldwide.
The approach, which is unprecedented in Latin America, is at the heart of Binance’s desire to democratize the adoption 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 Argentine holders of crypto wallets with Binance. It is important to note that the map is only in its beta phase. It will be widely available in the country in the coming weeks, the partners assure.
“Users can enjoy a seamless transaction in which their cryptocurrencies are converted into fiat currency in real time at the point of purchase. They can also earn up to 8% cryptocurrency cashback on eligible purchases and enjoy zero fees on ATM withdrawals”, explains a joint note.
The launch of Binance’s new prepaid card is sure to stimulate the adoption and use of cryptocurrencies in everyday life in Argentina. This, especially since the current inflation rate of the local currency makes life harder for the inhabitants.
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Far from having cooled my ardor, an unsuccessful investment in 2017 on a cryptocurrency only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay information related to this ecosystem with my pen.