Mastercard and Binance launch their second prepaid crypto card in Latin America

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Credit card giant MasterCard has teamed up with the world’s largest crypto exchange, Binance, to launch another prepaid crypto card in Latin America.

On January 30, Binance announced the launch of the Binance Card in Brazil. The new card is issued by Dock, a payment institution regulated by the Central Bank of Brazil.

It will allow new and existing Binance users in the country with valid national IDs to make purchases and pay bills with crypto assets. The card is in beta testing and will be widely available in the coming weeks, according to Binance.

Brazil is the second country where Binance launched the product after Argentina in August 2022. According to the announcement, Brazil is among the top ten global markets for Binance.

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

— Binance (@binance) January 30, 2023

In a press release shared with Cointelegraph, Guilherme Nazar, Managing Director of Binance Brazil, said the card is an important step to encourage broader crypto use and global adoption, adding:

Payments are one of the earliest and most obvious use cases for crypto, but adoption has plenty of room to grow.

The card will enable the real-time conversion of 14 crypto assets into fiat at the point of sale. Perks include up to 8% crypto cashback on qualifying purchases and no fees on select ATM withdrawals.

According to Mastercards 2022 New Payments Index, Brazil leads the world average in crypto usage and adoption. In the global survey of over 35,000 respondents, it found that 49% of Brazilians have made at least one crypto-related transaction in the past year, compared to a global average of 41%.

Related: Coinbase CEO Urges Bitcoin To Be Legal Tender For Brazil And Argentina Reaction

In December, outgoing President Jair Bolsonaro signed a bill to legalize the use of cryptocurrency as a means of payment in the country.

The new legislation did not legalize Bitcoin as soft as in El Salvador but includes many digital assets under the definition of legal payment methods. A licensing regime for virtual asset service providers has also been established.

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