Binance Partners with Mastercard to Launch Prepaid Card in Brazil

The well-established cryptocurrency exchange Binance, in collaboration with the leading payment processing corporation, Mastercard Inc. has launched a novel prepaid card in Latin America’s largest economy, Brazil, primarily to “broaden the connection between traditional finance and crypto.”

Notably, on Monday, Binance announced in a blog post, that the new card would be released by Dock, a payment institution under the control of the Brazilian Central Bank.

On the same day, the exchange updated its Twitter account by announcing the introduction of the Binance card in Brazil, commenting that it’s another “step towards crypto adoption.”

Following the announcement, Guilherme Nazar, the General Manager of the Brazilian branch of Binance, talked about the favorable conditions in Brazil to accommodate Binance:

Brazil is an extremely relevant market for Binance and we will continue to invest in new services for local users, as well as contribute to the development of blockchain and the crypto ecosystem in the country.

Similarly, Marcelo Tangioni, the President of Mastercard in Brazil commented on the enthusiasm of Brazilians in establishing the crypto industry, stating that “Brazilians are eager to use cryptocurrency beyond an investment asset”.

The exchange affirmed that all the Brazilian Binance users “with a valid national ID” would be permitted to make purchases or pay bills using the new prepaid card.

While narrating the basic agenda of the card, Binance stated:

Binance Card is part of our ongoing efforts toward evolving the relationship between existing financial services and the growing crypto ecosystem.

As notified by Binance, the card is currently in its “beta testing phase” in Brazil and would be “widely available” in the coming weeks.