Binance and Mastercard to launch crypto card in Brazil

Payment giant Mastercard and Binance, the largest cryptocurrency exchange have partnered to launch a crypto card in Brazil. The card will allow Binance’s Brazilian customers to make cryptocurrency purchases from over 90 million merchants worldwide. A similar initiative had already been launched in Argentina.

Brazilians will soon be able to make purchases in crypto

Paying for goods or services directly in crypto is not always an easy exercise. The situation will soon change for Brazilians. Indeed, the payment company Mastercard and the cryptocurrency exchange Binance have announced the launch of a crypto card in Brazil in the coming weeks.

With this card, Brazilian customers of Binance will be able to make crypto purchases from Mastercard’s partner stores. That’s a total of more than 90 million businesses worldwide, both online and in-store. A crypto discount of up to 8% will even be given on eligible purchases.

Fourteen cryptos will be supported by the crypto card to be launched: BTC, ETH, BNB, BUSD, USDT, the Santos fan token, ADA, DOT, SOL, SHIB, XRP, MATIC and LINK.

In addition to the ability to pay bills in crypto, this partnership will allow users to be able to convert their cryptocurrencies into fiat currency seamlessly and quickly. They will also be able to make withdrawals from ATMs at no cost.

This partnership is further proof of the usefulness of crypto, says Guilherme Nazar, Binance’s general manager for Brazil. For him, the crypto card should boost the adoption of crypto and open Brazilians to the innovation carried by them.

We believe the Binance card is an important step in encouraging wider use of crypto, global adoption and opening Brazilians to innovation.

Guilherme Nazar, general manager of Binance for Brazil.

This enthusiasm is shared by Mastercard. For Marcelo Tangioni, the company’s director in Brazil, the crypto card allows for diversification of payment methods for consumers. Its important asset is that it relies as much on Mastercard’s trusted global network as on Binance’s infrastructure.

It is worth remembering that the crypto card soon to be launched in Brazil is not the first result of the Binance-Mastercard partnership. Already in August 2022, the two companies launched a crypto card in Argentina to facilitate crypto purchases in nearly 100 million stores.

In Spain it is with Eurocoinpay that Mastercard has teamed up to launch a crypto card.

A crypto card in a pro-crypto country

Brazil is one of the countries where the use and adoption of cryptocurrencies is on the rise. As the months go by, the number of private and institutional crypto users keeps growing in the country. A few months ago, the country even passed a law making bitcoin a means of payment.

Binance and Mastercard are also aware of the potential that Brazil represents. In fact, Brazil is among the top 10 countries with the most Binance customers. In the Mastercard New Payments 2022, Mastercard says it found that 49% of the Brazilian population claims to have used crypto in 2022. This is well above the global average of 41%.

The soon-to-be-launched crypto card from Binance and Mastercard is a great link between traditional financial services and the growing crypto ecosystem. It is expected to boost both the usage and adoption of crypto in the country. Hopefully, this initiative will expand to other countries around the world.