• In Argentina, Binance and Mastercard have launched a prepaid crypto-to-fiat card

  • Binance said on Thursday that it has worked with Mastercard to launch its Binance Card in Argentina.

    According to Binance, the Binance Card converts cryptocurrency to fiat currency “in real-time at the point of purchase.” Cardholders in Argentina can also earn up to 8% cash back in cryptocurrency on specific purchases.

    “Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow,” Binance Latin America General Director Maximiliano Hinz said in a statement. “By using the Binance Card, merchants continue to receive fiat and the users pay in cryptocurrency they choose. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption and now it is available for users from Argentina.”

    According to a Binance announcement, Argentina will be the first Latin American country to have access to the Binance Card. According to the statement, the card is now in “beta mode” and will be made available to a wider public in the following weeks. Binance identifies Bitcoin and Binance Coin (BNB) as two of the cryptocurrencies that will be supported by the cards.

    “The Binance Card issued by Credencial Payments will allow all new and existing Binance users in Argentina with a valid national ID to make purchases and pay bills with cryptocurrencies, including Bitcoin and BNB, at over 90 million Mastercard merchants worldwide, both in-store and online,” the exchange said in its press statement.

    Binance appears to be considering more card product expansion. In a July 24 tweet, Binance CEO Changpeng Zhao teased the Argentina card launch, adding, “More regions shortly.”

    Argentina’s historically high inflation rate and currency regulations have encouraged residents to look for financial alternatives such as cryptocurrencies.

    Binance’s prepaid card will join a number of others in Argentina that are focused on cryptocurrency in some way. Lemon Cash’s Visa card, like the Binance Card, converts cryptocurrencies to fiat as needed based on purchases. Other cards emphasize cryptocurrency cash back benefits. Buenbit, an Argentine exchange, stated in August that it will be releasing a prepaid BKR Mastercard for local residents. The card now provides 2% cash back in cryptocurrency for every purchase.

    Visa, like Mastercard, has been working on crypto-focused card relationships throughout Latin America. In addition to Lemon Cash, Visa revealed in June that it has card relationships in the region with Crypto.com, Alterbank, Zro Bank, Agrotoken, and Satoshi Tango. It also stated that it has a deal with Tribal Credit to enhance its card products for small and medium-sized enterprises in the region.

    Binance will create a Binance Card for European residents in 2020. Visa issued the card, which converts several cryptocurrencies to euros. Instead of a prepaid card, this product acts as a debit card.

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