Mastercard to issue prepaid Binance cards in Brazil

followed by argentina

Binance, a major cryptocurrency exchange, has partnered with financial giant Mastercard to begin issuing prepaid cards in Brazil.

Olá, Brazil!#Binance Card has just launched in Brazil – another step towards crypto adoption pic.twitter.com/UJRmpMhpbQ

—Binance (@binance) January 30, 2023

This Binance prepaid card will allow users who have completed KYC procedures to use and consume cryptocurrencies in their Binance accounts. Binance and Mastercard launched similar cards in Argentina last August.

According to Chainalysis statistics, South America was the seventh largest cryptocurrency market in the world, receiving a total of $562 billion worth of cryptocurrencies in the year to June 2022. In addition, in Argentina, where high inflation is progressing, demand for remittances using virtual currency that bypasses exchange restrictions is higher than in North America and other countries.

Relation: Brazil enacts law to allow cryptocurrency payments