Major cryptocurrency exchange Binance has partnered with Mastercard to launch a prepaid card for residents of Argentina.
In Thursday’s announcement, Binance Say The card will allow its customers in Argentina to make purchases with Bitcoin (BTC), BNB and other cryptocurrencies as well as withdraw money from ATMs in fiat currency anywhere Mastercard is accepted – approximately 90 million merchants globally and online. Argentine cardholders can also get up to 8% back in cryptocurrency on certain purchases.
According to Binance, the launch of the card — which is expected to be widely available “in the coming weeks” — is part of the company’s efforts to further drive global adoption of cryptocurrencies. Argentine residents will be the first in the region to use the cards, but the cryptocurrency exchange announced similar moves for Binance users in Ukraine in April and for the European Economic Area in 2020.
“Payments are one of the first and most obvious use cases for cryptocurrencies, but adoption has a lot of room to grow,” said Maximiliano Hinz, general manager of Binance Latin America. “By using Binance Card, merchants can continue to get fiat currency users to pay in the cryptocurrency of their choice.”
— CZ Binance (@cz_binance) August 4, 2022
The card requires Argentines to hold a valid national ID or national identity document. Credit cards issued by local cryptocurrency exchanges have similar requirements. In 2021, Lemon Card launched a Visa card offering 2% bitcoin back for Argentine users, while Buenbit and Belo both partnered with Mastercard to launch prepaid and Crypto Rewards Cards, respectively.
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Despite the recent market downturn, reports suggest that many Argentines may still be turning to cryptocurrencies.According to the Americas Market Intelligence report for April, researchers established Argentina’s “cryptocurrency penetration” reached 12 percent — roughly double that of Peru and Mexico.