The crypto leader Binance and payment giant Mastercard expanded their crypto-to-fiat offer to the most lucrative market in Latin America

Image: pixabay

On Jan. 30, the leading global crypto exchange Binance announced the launch of the Binance Card in Brazil in cooperation with Mastercard. The innovative payment product is currently in a beta-testing stage, with the full-scale launch happening in the coming weeks.

Brazil is the second market in Latin America where Binance Card has been made available. The service first launched in Argentina in August 2022. Brazil was the obvious next choice since crypto adoption in the country surpasses the average global data. Besides, Brazil is among the top ten markets for Binance globally.

The new card enables real-time conversion from 14 crypto assets to fiat at the moment of purchase. Users are further encouraged by up to 8% cashback in crypto on eligible purchases and zero fees on some ATM withdrawals.

Last December, Brazil?legalized the use of cryptocurrency as a payment method within the country.?Although Bitcoin has not become a legal tender in the country, many digital assets now fall under the definition of legal payment means. Moreover, the country introduced a strict licensing regime for virtual asset service providers, with penalties set for fraud using digital assets.

Therefore, Brazilian citizens who have already been keen on crypto can now utilize digital assets with greater confidence. According to Mastercard’s 2022 New Payments Index, 49% of Brazilians have made at least one crypto-related transaction in the past year, compared to the global average of 41%.