Major cryptocurrency exchange Binance has partnered with Mastercard to launch a prepaid card for Argentine residents.
thursday announcementAt Binance, customers in Argentina can use Bitcoin (BTC), Binance Coin (BNB) and other cryptocurrencies to make purchases only where Mastercard is accepted (approximately 90 million merchants worldwide and online). In addition, it is said that it will be possible to withdraw legal currency from ATMs. Argentinian cardholders will also get up to 8% crypto back on certain purchases.
According to Binance, the introduction of the card, which is expected to be “widely available in the coming weeks,” is part of an effort to promote global adoption of cryptocurrencies. Residents of Argentina will be able to access the card, but Binance announced a similar initiative for Ukrainian users in April and for the European Economic Area in 2020.
“Payments are one of the first and most obvious use cases for cryptocurrencies, but there is a lot of room for adoption,” said Maximiliano Hintz, general director of Latin America at Binance. “By using the Binance Card, merchants will receive fiat currency and users will pay in the cryptocurrency of their choice.”
Busy day. #Binance and Mastercardhttps://t.co/bGasmirwxD
— CZ Binance (@cz_binance) August 4, 2022
The card requires Argentines to have a valid national identity card (documento nacional de identidad). Similar requirements are already in place for credit cards issued by local cryptocurrency exchanges. In 2021, Lemon Card will partner with Visa to launch a card that gives Argentine users 2% in BTClaunchBuenbit and Belo have partnered with Mastercard to launch prepaid cards and cryptocurrency rewards cards, respectively.
Despite the recent market downturn, many Argentines appear to be turning to cryptocurrencies. announced in AprilAmericas Market Intelligence ReportThe “cryptocurrency penetration rate” in Argentina has reached 12%, roughly double that of Peru and Mexico, according to the report.
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