Binance and Mastercard launch crypto card in Argentina
Card will ‘bridge the gap between cryptocurrencies and everyday purchases’ for Argentinians
Binance, the world’s largest cryptocurrency exchange by trading volume, has partnered with Mastercard to launch the prepaid Binance Card in Argentina, which will let users spend their crypto on everyday items.
Binance said the card is “to bridge the gap between cryptocurrencies and everyday purchases” in Argentina. The card, which will become “widely available in the coming weeks”, will allow new and existing Binance users in Argentina with a national ID card to make purchases and pay bills with cryptos, including Bitcoin (BTC) and Binance coin (BNB).
Binance Card users will have their crypto converted into fiat currency in real time when using it to make purchases. The card also offers up to 8% in crypto cashback on eligible purchases, and zero fees on ATM withdrawals.
The launch makes Argentina the first country in Latin America to be given access to this product.
Mastercard is a US multinational financial services corporation, and the Binance Card can be used at the more than 90 million Mastercard merchants worldwide, both in-store and online, as well as in Argentina.
The Binance Card is issued by Credencial Payments, which specializes in developing digital payment systems in Latin America.
Binance cardholders will be able to manage their cards through the card dashboard on the Binance App and website.
‘Payments is one of the first and most obvious use cases for crypto’
Maximiliano Hinz, general director of Binance in Latin America, said: “Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. By using the Binance Card, merchants continue to receive fiat and the users pay in cryptocurrency they choose. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption, and now it is available for users from Argentina.”