Binance, the world’s largest cryptocurrency exchange by trading volumes, has announced a partnership deal with MasterCard. The two will work together to launch a prepaid cryptocurrency card in Argentina.
Binance partners with Mastercard
According to the official statement, Argentina will be the first country in Latin America with a Binance card. The exchange expects the card to be widely available to Argentinian users over the coming weeks.
Argentinians will also get a chance to buy cryptocurrencies and use their crypto assets to pay bills. Moreover, they will also use their cryptocurrencies to make payments at over 90 million merchants adopting the payment services that Mastercard provides.
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Once this card launches, it will be the first crypto card backed by a global cryptocurrency exchange. Argentinian users will still access the options offered by local digital asset exchanges such as Lemon. Crypto.com also launched a similar product in Brazil, with several perks for users.
Moreover, the card will not charge fees for withdrawals made through cryptocurrency ATMs. Users will also have the ability to withdraw up to 45,000 pesos, equivalent to around $339 daily. The maximum amount to be withdrawn monthly is 180,000 pesos, equivalent to $1357.
The exchange will also provide an 8% cashback for Binance card users. This cashback is a leading competitor against traditional banks with low cashback percentages. Such exchanges also charge high fees when funds are withdrawn through ATMs. Users who want to use the card need an active Binance account, and the card will allow them to make purchases of up to 90,000 pesos daily and up to 360,000 pesos per month.
Binance card will boost crypto adoption in Argentina
Mastercard has been active in the cryptocurrency sector in Latin America. 50% of the Latin American region is exposed to cryptocurrencies, making it an ideal hub for those who want to venture into the space. The general director of Binance in Latin America, Maximiliano Hinz, said the card would boost the greater use of digital assets.
On the other hand, the Executive Vice President of Products and Innovation at Mastercard in Latin America and the Caribbean, Walter Pimenta, said that because of this partnership, the payments giant would support millions of users to venture into the cryptocurrency industry through the security and trust provided by the company.