Binance, in partnership with payment giant Mastercard, will launch a prepaid card in Brazil. This was announced by the CEO of the cryptocurrency exchange, Changpeng Zhao.
The long awaited #Binance Card now available in Brazil 🇧🇷
3. Product & Service.https://t.co/T1vLuQZr4p
— CZ 🔶 Binance (@cz_binance) January 30, 2023
At the moment, the product is in beta testing and will hit the market soon, according to a Binance spokesperson cited by CoinDesk.
The card will allow purchases and payments in 13 digital assets, including Bitcoin, Ethereum and BUSD. Funds will be converted to fiat in real time at the moment of the transaction.
The fee will be 0.9% per transaction and 0% for ATM withdrawals. Cardholders can expect crypto cashback of up to 8%.
“Brazil is an extremely important market for Binance, and we will continue investing in new services for local users, as well as contributing to the development of blockchain and the crypto ecosystem in the country,” said the exchange’s regional head for Latin America, Guilherme Nazar.
In October 2022, Binance announced the opening of two offices in Brazil to expand its activities in the country.
Earlier, in December, Brazilian President Jair Bolsonaro signed a document designating Bitcoin as a payment instrument and an investment asset. The law will take effect in June 2023.