Mastercard Inc. and Binance announced on Monday that they are teaming up to launch a prepaid card in Brazil.
The initiative is part of the crypto giant’s aim to widen the connection “between traditional finance and cryptocurrencies.”
Mastercard-powered prepaid card
To be named Binance Card, it is presently undergoing beta testing and could be widely accessible within the next few weeks. With this move, Brazil will be the second Latin American nation to acquire Binance Card after Argentina.
The biggest economy in Latin America is one of the crypto exchange’s ten biggest markets, according to Binance.
The largest crypto exchange added that the prepaid card would enable all new and current Binance users in the nation to shop and pay bills with cryptocurrencies at Mastercard merchants.
Brazil is Binance’s vital market
According to some news sources, Binance Brazil’s general manager Guilherme Nazar said Brazil is a very significant market for the company, with this they will continue to launch new products for Brazilians and to contribute to the “development of the blockchain and crypto” community in the country.
It can be remembered that Brazil’s Senate approved its first crypto-related bill. However, the bill’s legal framework for the crypto business was not immediately passed as the Brazilian Chamber of Deputies has delayed voting on a crypto law until the Presidential election ends.
Brazilian President Jair Bolsonaro only signed into law the country’s first framework for cryptocurrency in December. The law comes with ground rules for brokerages that offer crypto as well as the assets’ day-to-day use.
Brazil’s central bank is responsible for crypto regulation oversight.