Binance teamed up with Mastercard to issue a Binance card in Argentina, according to an announcement last night.
Accordingly, this prepaid card will make it easy to convert crypto into fiat currency in real-time. Cardholders in Argentina can get up to 8% cashback in crypto at select merchants.
Binance Latin America General Manager Maximiliano Hinz said in a statement:
“Payments is one of the first and most obvious use cases for cryptocurrency, but adoption has a lot of points to mine. With Binance Card, merchants can still receive fiat, and users can still pay with crypto. We believe this is crucial in encouraging wider global use of cryptocurrencies.”
Argentina is the first Latin American Country to have access to Binance Card. The card is currently in beta and will be rolled out to a wider audience in the coming weeks, according to the statement. Bitcoin and Binance Coin (BNB) are two of the cryptocurrencies the card will support, and currently, users will not be charged for ATM withdrawals.
Binance seems to be planning to further expand its card product. Binance CEO Changpeng Zhao teased the launch of the Argentina card on July 24 and revealed the card would also be available in other regions.
Along with Mastercard, Visa is also focusing on boosting its presence in Latin America. Visa has established partnerships with Crypto.com, Alterbank, Zro Bank, Agrotoken, and Satoshi Tango.