Recently, the South American country announced an exciting addition to Brazilian crypto adoption.
In a partnership between Binance and Mastercard, the companies joined forces in order to implement the new Binance prepaid crypto Card. This prepaid debit card will allow its owners to pay for everyday expenses in bitcoin, Ether, BNB, SHIB, and 10 other cryptocurrencies.
Binance’s card will incur a 0.9% fee per cryptocurrency transaction, with up to 8% cashback and fee-free ATM withdrawals, according to the company.
Users will be able to perform transactions in which their cryptocurrencies are instantly converted to fiat at the moment of purchase. One of the benefits is up to 8% cashback in cryptocurrency on certain transactions and no fees on ATM withdrawals.
The owners of the Binance Card will be able to choose the currencies they want to utilize in the app or platform. Payments in BRL are free of charge, however, payments in cryptocurrencies incur a 0.9% conversion fee.
The new product is still in its beta phase, but Binance’s blog post states that the card will be “widely available” in the next upcoming weeks.
“Brazil is an extremely relevant market for Binance and we will continue to invest in new services for local users,” said Guilherme Nazar, General Manager at Binance Brazil.
He continued, “Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow.
We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption, and the openness of Brazilians to innovation makes the country a great market for this release.”
Brazil, One of The Most Crypto-Friendly Countries in The World
When it comes to cryptocurrencies, South America is one of the front-runners. In 2020, the continent’s largest, Brazil, had around ten million cryptocurrency owners, which equates to approximately 5% of the country’s population owning one or more cryptocurrencies.
Since then, that number increased significantly. According to data from Triple-a.io, today, nearly 8% of Brazilians own one or more digital assets.
Bitcoin is the most popular cryptocurrency in Brazil, followed by Ethereum and stablecoins such as Binance Coin (BNB) and Tether (USDT).