Last year, Binance launched a cryptocurrency debit card with Visa. The product allows users of the cryptocurrency exchange platform to convert their cryptocurrency holdings into fiat at the point of sale. Likewise, Binance, in partnership this time with Mastercard, has launched a prepaid bitcoin card in Argentina for its users.
A first in Latin America
August 4th, Binance and Mastercard announced the launch in Argentina of the BinanceCard, 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 over 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 crypto wallet holders 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 where their cryptocurrencies are converted to fiat currency in real time at the time of purchase. They can also earn up to 8% cryptocurrency cashback on eligible purchases and enjoy zero commissions on ATM withdrawals.explains a joint note.
The launch of Binance’s new prepaid card will certainly increase the adoption and use of cryptocurrencies in everyday life in Argentina. This is mainly because the current inflation rate of the local currency makes life more difficult for the inhabitants.
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Luc José Adjinacou
Far from dulling my enthusiasm, a fruitless investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its multiple uses and to transmit information relating to this ecosystem with my pen.