Cryptocurrency exchange, Binance, is introducing its prepaid card in Colombia, which aims at extending its scope in the Latam region. Colombia marks the third country in Latin America (Latam) to have the Binance prepaid card in the area owing to the partnership with Mastercard.
Last year, Argentina received the product, followed by Brazil early this year in January. With the prepaid card, identity-verified customers can make purchases and pay bills with digital assets which will establish the country as one of the top markets for Binance in the Latam region.
This Binance Card has been issued by Movii, a financial services company, to users in the area. The card also ensures that customers have a simple and straightforward method to acquire crypto without the need to pay fees or deal with the complicated onboarding processes at an exchange.
Previously, Binance had teamed up with Mastercard twice in order to provide the same services in Argentina and Brazil.
Features Of The Prepaid Crypto Card
The prepaid cryptocurrency-linked card will let users pay with digital assets at every merchant that accepts standard debit or credit cards.
This card is in partnership with Movii, which is a Colombian neobank that is responsible for issuing its own Mastercard card.
The currencies that are supported by the card include Bitcoin (BTC), Binance Coin (BNB), Ethereum (ETH), Solana (SOL), Cardano (ADA), Polkadot (DOT), Shiba Inu (SHIB), Ripple (XRP), Chainlink (LINK), and Polygon (MATIC).
In the case of stablecoins, users will be able to choose which currency can be spent against these coins. The prepaid card shall comprise a real-time exchange from crypto to fiat currency.
This means that users will be able to spend the token instantly, while merchants will be able to receive fiat currency immediately.
Binance also mentioned that this card will also include zero-fee withdrawals at ATMs and offer close to 8% in cashback rewards on selected purchases. The card still remains in beta testing; once it passes its testing phase, Binance plans to introduce it to a wider audience soon.
Cryptocurrency Scope In Colombia
Latin America stands fifth in the world in regard to cryptocurrency adoption. Latam holds 8% to 10% of the global digital currency activity. It also witnessed a close to 10-fold increase in the use of digital assets over the past two years.
Daniel Acosta, the General Manager of Binance Colombia, stated:
As one of the world leaders in crypto adoption, Colombia is an extremely relevant market for Binance. We believe that the launch of Binance Card will encourage even wider adoption of crypto among Colombians, contributing to the development of the blockchain and crypto ecosystem in the country while making another step to bring cryptocurrency closer to the everyday life of millions of people.
Binance hopes that this usage of the product will help streamline the payment structure by making crypto more useful for payments.
