Debit banking Binance Card of the largest crypto exchange is issued with the aim of integrating traditional financial services with the global cryptocurrency ecosystem, according to the Brazilian regulator.
Partners announced the launch of a joint project of the largest crypto exchange Binance and the international payment system Mastercard at the end of January. The cards are issued by the processing center Dock, regulated by the Brazilian central bank.
The Binance Debit Card will automatically convert crypto assets to fiat currency in real time at the time of purchase. According to Mastercard, holders of such a card will be able to make financial transactions in more than 90 million service points around the world. The balance will be maintained in 14 digital assets, including the Brazilian real, bitcoin and ether.
Binance plans to bring the cryptocurrency card to markets around the world, expanding the list of supported crypto assets. Earlier, Binance and the Mastercard payment system launched a similar banking product for Argentine citizens.
Recently, representatives of the very first credit institution in South America, the Bank of Brazil (Banco do Brasil), announced the permission for customers to pay taxes in cryptocurrency. The bank is partially owned by the state.