To achieve this, Binance has been working hard alongside traditional financial firms to bring cryptocurrencies to the commoners.
Binance to Launch Prepaid Cards
The exchange had recently launched its operations in Brazil. It wants to gain access to the Latin American region and Brazil is the biggest market in the particular region.
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This is the reason why the exchange is eager to gain exposure in the Brazilian market. It wants to offer as many products as possible to the locals in Brazil so that crypto adoption is expedited in the region.
For the officials, the mission is to grab as much user base in the country as possible. The exchange has realized that the best move to make crypto adoption common in the region is to offer prepaid cards.
To achieve this, the exchange has tapped a deal with Mastercard, a major financial service provider. In the upcoming weeks, Binance and Mastercard will be rolling out new prepaid cards for Brazilian users.
Brazil is not the only country where the exchange has expanded its business. The exchange has already expanded its services in Argentina.
After launching its operations in the other LATAM country, it also introduced prepaid cards there. Now, it is Brazil’s time and the exchange is excited to expand its service provisioning to the entire region.
For the exchange, it is extremely important that a connection is formed between TradFi and the cryptocurrencies. Their aim is to ensure that crypto adoption is expanded in the region as much as possible.
The more people get used to cryptocurrencies and paying with digital assets, the more accepting they would become towards more crypto products in the future.
By doing this, the exchange is trying to lay the foundation of a strong cryptocurrency industry in the LATAM region. It wants to bring in as much crypto exposure as it can in LATAM.
For this purpose, it is targeting the countries that are the friendliest towards the adoption of cryptocurrencies.
Prepaid Cards are in the Testing Phase
The exchange executives in the particular region have provided an update on the prepaid cards. They have revealed that they are currently passing the cards through the testing phase.
They will take them through all the financial tests and checks before the cards are rolled out to the cryptocurrency communities in the country.
They are confident that they will be done with the testing of the new cards in the next few weeks. Once that is done, the new cards will be rolled out to the Brazilian exchange users.
As per the exchange officials, Brazilian users with an authentic national ID will be able to acquire the cards. They will be able to use these cards to make payments to millions of merchants supported by Mastercard.
Initially, the users will have access to make payments using Binance Coin (BNB) and Bitcoin (BTC). Mastercard has confirmed that more than 90 million merchants are facilitated by their payment portals.
Therefore, the users will have access to all of them. This would make the use of cryptocurrencies quite common at many of these merchants and the Brazilians will be able to take full advantage of it.
Prepaid Card Usage and Benefit
Using the prepaid card, the users will be able to make payments directly in cryptocurrencies.
Once they make the transaction, the Binance/Mastercard system automatically converts the crypto to the respective fiat currency in real-time.
Using the cards, the users will have the opportunity of earning cashback as they make purchases. As communicated by both companies, the users would be eligible to earn up to 8% cashback on their purchases.
The cashback would be given in the form of the respective cryptocurrencies the users made the transactions with.