Binance launched its prepaid crypto card in Colombia
Binance continues to expand its presence in Latin America. Last week, the company announced the launch of a prepaid crypto card in Colombia. The card is currently being tested and will soon be available to a wide range of users.
According to Binance’s announcement, the new product was released jointly with Movii. It will allow users to make purchases and pay bills with cryptocurrencies around the world. Users will be able to make purchases with 12 cryptocurrencies and stablecoins, including Bitcoin and BNB.
Cryptocurrencies are converted to fiat at the point of purchase. In addition, money can be withdrawn at ATMs with zero fees, and cashback of up to 8% is provided for eligible purchases.
Binance cardholders will be able to manage their cards both in the Binance App and on the exchange’s website. A dedicated dashboard will contain transaction history and provide easy access to the support service.
The decision to launch a crypto card is associated with the growing popularity of digital currencies in Colombia and Binance’s desire to simplify access to crypto services for users.
According to Daniel Acosta, Binance’s general manager in Colombia, this country is a very important market for the company. Binance Card will help to popularise cryptocurrencies among Colombians, as well as contribute to the development of the blockchain and crypto ecosystem.
In the future, Binance plans to issue its cryptocurrency cards in other countries worldwide. Earlier, the company partnered with payment giant Mastercard and issued similar cards in Brazil and Argentina.