Binance, the world-renowned crypto exchange, and Mastercard, the global payment giant, have announced they will bring the Binance Card to Brazil. This solution will enable existing and new Binance users to make purchases and pay bills using cryptocurrencies at over 90 million merchants worldwide. Guilherme Nazar, General Manager at Binance for Brazil, said, “Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow.”
Crypto Adoption for payments and the iGaming Industry
With the Binance Card, users will experience a smooth transaction process, where their cryptocurrencies are instantly converted to fiat currency at the point of purchase. With up to 8% cashback in crypto on eligible purchases and no fees on ATM withdrawals, users will enjoy a one-of-a-kind payment experience. This could be an interesting step in the path to regulations of both crypto and digital casinos in Latin America.
According to the 2022 Mastercard New Payments Index, 49% of Brazilian consumers have engaged in crypto-related activities in the past year, making Brazil one of the top markets in terms of crypto interest. Marcelo Tangioni, Mastercard Country Manager, Brazil, said, “Today is an exciting step in our crypto journey, which draws on the strengths of both our trusted global network and Binance’s infrastructure to support consumer choice in payments.”
Evolving the Relationship between Finance and Crypto
Binance Card is part of Binance’s ongoing mission to bridge the gap between traditional finance and the growing crypto ecosystem. The Binance Card beta launch in Brazil will be widely available in the coming weeks, making it the second Latin American country to have access to the product, following its release in Argentina last year. Binance’s commitment to investing in new services and contributing to the development of the blockchain and crypto ecosystem in Brazil will drive crypto adoption even further.
With the Binance Card, merchants receive fiat, and users pay in their preferred cryptocurrency across 14 supported currencies. This new solution will revolutionize payments and encourage wider crypto adoption, making Brazil a key market for this launch. With the combined strengths of Binance’s infrastructure and Mastercard’s global network, the Binance Card is set to change the game.