Binance Partnering with Mastercard to Develop a Prepaid Card in Brazil

The leading crypto exchange Binance collaborates with Mastercard Foundation to introduce a crypto-powered prepaid card in the Brazilian market. The Brazilian Dock is tasked with issuing the Binance card to enable users to make payments.

Binance and Mastercard Enter Brazil Market

A report issued by the largest crypto exchange Binance on January 30 confirms that the firm has partnered with a New York-based payment processing company Mastercard Foundation to develop a digital prepaid card.

As per the report, the Brazilian nationality using Binance as a preferred payment method will benefit from the new crypto card. The Binance card is linked to multiple crypto assets, enabling users to settle their payments more effortlessly.

Besides, the Brazilian real Binance users will use 14 other digital currencies to make payments using the crypto card. Such digital currencies include Bitcoin (BTC), Solana (SOL), Shiba Inu (SHIB), and other crypto assets.

The newly launched digital card is the most cost-effective prepaid payment option in Brazil as all transactions involving Brazil real would be at a zero cost. On the contrary, cryptocurrency users will incur a 0.9% transaction cost.

Crypto Adoption in Brazil

Elsewhere, the executive in charge of Binance operations in Brazil, Guilherme Nazar, assured the crypto community that the firm would continue to improve the existing blockchain technologies and crypto assets. He restated that the Brazilian market is important for Binance.

Nazar also commented on the ongoing crypto adoption in Brazil, arguing that improving the payment option would increase the use of digital assets. He reaffirmed that Binance prepaid card would influence global crypto adoption.

According to a survey conducted by Mastercard Foundation in 2022, Brazil ranks among the best countries for cryptocurrency. The survey disclosed that over 49% of Brazilian engage in more than one crypto transaction annually compared to global users, which is 41%.

In addition, the chief executive of Brazil’s Mastercard Foundation, Marcelo Tangioni, argued that Brazilians are more interested in cryptocurrency than investment assets.

At the moment, Binance has announced plans to pursue other markets. Brazil ranks second after Argentina in the use of Binance cards.