Through its numerous advances and initiatives, the leading cryptocurrency exchange Binance has paved the way for cryptocurrency acceptance. One such initiative is the launch of the Binance card, which allows users to spend cryptocurrencies for various purchases.
Brazil recently approved a law that acknowledged cryptocurrencies as payment methods in the country. To ease the cryptocurrency game for its citizens, Binance and Mastercard have jointly launched a prepaid cryptocurrency card in Brazil.
The card is currently in beta and will be accessible to the wider public in the next few weeks.
The card, which is issued by Dock, enables existing and new exchange customers to utilize bitcoins to pay bills and make purchases at more than 90 million Mastercard outlets worldwide.
Users of the exchange will also be able to convert cryptocurrency to fiat currency in real time during the purchase process. Users will also be able to earn 8% cash back in cryptocurrencies. Binance Card now supports payments in over 15 cryptocurrencies, including BTC, ETH, BNB, BUSD, SHIB, MATIC, LINK, ADA, and others.
According to Binance’s announcement, there are plans to increase the number of cryptocurrencies supported by the card and to make it available in additional international locations.
Guilherme Nazar, general manager at Binance for Brazil commented on this saying, “Brazil is an extremely relevant market for Binance and we will continue to invest in new services for local users, as well as contributing to the development of the blockchain and crypto ecosystem in the country.”
It should be noted that last year, Brazil’s congress passed a bill that gives cryptocurrency payments legal status in the country though without making the crypto assets legal tender.