The Binance cryptocurrency card is now available in Brazil, allowing residents to integrate traditional financial services with the global cryptocurrency ecosystem. The debit card, which is a joint project between Binance, the largest cryptocurrency exchange, and Mastercard, the international payment system, was announced in late January.
The processing center, Dock, regulated by the Brazilian central bank, is responsible for issuing the cards. The Binance debit card will automatically convert crypto assets into fiat currency in real-time during purchases.
According to Mastercard, cardholders can perform financial transactions at over 90 million service points worldwide. The card will maintain a balance in 14 digital assets, including the Brazilian real, Bitcoin, and Ethereum. Binance plans to expand the list of supported crypto assets and introduce the card to markets worldwide.
Earlier, Binance and Mastercard launched a similar banking product for citizens of Argentina. Recently, representatives of Banco do Brasil, the first credit institution in South America, announced that clients can pay taxes in cryptocurrency. The bank is partially owned by the government.