Binance recently announced a partnership with Mastercard to launch the Binance Card in Brazil. The prepaid crypto card is issued by Dock, allowing users to pay bills and make purchases via crypto.
It acts as the bridge that connects traditional financial services with the crypto industry. Despite being in its beta stage of release, the card has already become a popular phenomenon among users.
Given that Binance released the card in Argentina a few months ago, Brazil is currently the second Latin American nation to receive it. Only Brazilian Binance users who have a national ID can access the card. They can use the card to make purchases from any of the 90 million Mastercard merchants, both online and offline.
While Binance is the leading name in the crypto industry, it is still trying to grow in the traditional financial sector. Establishing a partnership with a name like Mastercard is helping the platform gain traction globally. It is evident by the fact that many traditional finance users looked for a Binance review after this announcement.
Users found out about several key benefits of applying for the card. Users will experience a smooth transaction process where their crypto is converted to fiat currencies during the purchase.
They can even earn up to 8% cashback in cryptocurrencies, along with zero fees on ATM withdrawals. However, the withdrawals may accompany some third-party service charges.
Nonetheless, card holders can manage them via the online dashboard available on the Binance website and app. They can also check the transaction history and even contact customer support.
The card currently supports 14 currencies, with more expected to be added before the beta period ends. These currencies are the Brazilian Real, BUSD, BNB, BTC, USDT, SANTOS, ETH, DOT, ADA, SHIB, SOL, MATIC, LINK, and XRP. Since Brazil is one of the biggest markets for Binance, the recent launch is expected to yield massive numbers.