Leading crypto exchange Binance has collaborated with MasterCard Inc (NYSE: MA) to launch a prepaid crypto card for Argentinian residents.
Binance card to allow users to use BTC, BNB, and other cryptos
The card will enable Binance’s customers in Argentina to use Binance Coin (BNB), Bitcoin (BTC), and other cryptos to purchase items in addition to cash withdrawals in fiat everywhere Mastercard is supported, which includes almost 90 million retailers worldwide and online. The exchange is yet to provide the final list of altcoins that will be compatible with the new prepaid crypto card. Additionally, holders of Argentine credit cards may receive up to 8% of specific purchases back in cryptocurrency.
The company said the launch of the card, which would be widely available over the next weeks, was a part of Binance’s attempts to promote the use of cryptocurrencies worldwide. The cards will initially be available to Argentinian customers. However, the cryptocurrency exchange previously announced similar initiatives for Binance clients in Ukraine in April this year and the European Economic Area two years ago.
Binance Latin America’s general director, Maximiliano Hinz, said, “Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. By using the Binance Card, merchants continue to receive fiat, and the users pay in cryptocurrency they choose.”
Number of Argentines using crypto rising despite the market slump
Argentines must possess a current documento nacional de identidad in order to use the card. Similar specifications currently apply to credit cards provided by regional cryptocurrency exchanges. In 2021, Buenbit and Belo teamed with Mastercard to issue prepaid and crypto rewards cards, respectively. In addition, lemon Card introduced a card with Visa promising 2 percent cashback in BTC for Argentine consumers.
There have been indications that several Argentines could be using cryptocurrency despite the latest market slump. An April analysis from Americas Market Intelligence revealed that Argentina has a “crypto penetration” of 12 percent, which is about twice as high as Peru and Mexico.
