Binance, the world’s largest cryptocurrency exchange, has announced the launch of a prepaid card for the Brazilian market, following a collaboration with financial services giant Mastercard.
The collaboration is intended to bridge the gap between traditional finance and the relatively new realm of digital assets. BINANCE clients will be able to use the card for shopping and bill payments. The beta version of the new product is already being evaluated ahead of its scheduled February launch.
Binance and Mastercard had introduced a comparable offering in Argentina, one of Latin America’s largest economies. The exchange said at the time that it will keep opening up new markets.
Over the past year, Mastercard has been more and more active in cryptocurrencies. Mastercard and the cryptocurrency firm Paxos teamed up in October to create a trading platform aimed at financial institutions.
Cardholders can now buy non-fungible tokens (NFTs) on several markets as of June. The bitter rival of Mastercard, Visa, had announced a partnership with the now-defunct FTX exchange, but it was forced to cancel it when the contentious platform collapsed in early November.
Additionally, Visa submitted several trademark applications, indicating its plan to introduce a Bitcoin wallet before the end of October.
