Argentina: Binance, Mastercard Launch Prepaid Cards to Bridge Crypto
The collaboration between Mastercard and cryptocurrency exchange Binance has brought Argentina-specific prepaid cards. The card will enable Binance's customers in Argentina to use Bitcoin (BTC), Binance Coin (BNB), and other cryptocurrencies to make purchases and ATM withdrawals in fiat wherever Mastercard is accepted, including almost 90 million merchants worldwide and online. Additionally, holders of Argentine credit cards may receive up to 8% of specific purchases back in cryptocurrency. The company said the card launch, which would be "widely available in the coming weeks," was a part of Binance's efforts to promote the use of cryptocurrencies worldwide. https://twitter.com/cz_binance/status/1555205943184572416
Residents of Argentina Will Get to Avail the Prepaid Card First
The cards will first be available to residents of Argentina. However, in April, the cryptocurrency exchange announced similar initiatives for users of Binance, Ukraine, and the European Economic Area in 2020. 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."
Argentines must possess a current Documento Nacional de Identidad to use the card. Similar specifications currently apply to credit cards provided by regional cryptocurrency exchanges. In 2021, Buenbit and Belo teamed with Mastercard to release prepaid and crypto rewards cards, respectively. Lemon Card introduced a card with Visa promising 2% back in BTC for Argentine consumers.
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