Binance Card should automatically convert crypto assets to fiat currency in real time right at the time of purchase. According to Mastercard representatives, holders of a cryptocurrency debit card will be able to make financial transactions in more than 90 million service points around the world.
At the initial stage, the card balance is supported in 14 assets, including Brazilian real, BNB, BUSD, USDT, BTC and ETH. Brazilian Binance Card holders are promised up to 8% cashback in crypto assets and interest-free cash withdrawals from ATMs.
“The launch of Binance Card in Brazil was the result of the country’s great interest in cryptocurrencies. According to a recent global survey, 49% of Brazilian consumers have participated in at least one crypto transaction compared to a global average of 41%.. Binance sees this as an opportunity to invest in new services for local users and contribute to the development of the Brazilian blockchain and crypto ecosystem,” said Guilherme Nazar, General Manager of Binance Brazil.
The crypto exchange plans to bring Binance Card to markets around the world, as well as expand the list of supported crypto assets. Earlier, Binance and the Mastercard payment system launched a similar banking product for Argentine citizens.