On Thursday, the biggest crypto exchange in the world, Binance, announced that it is partnering with the multinational financial services giant Mastercard for its lineup of credit cards, aiming to launch a prepaid crypto card in Argentina.
As per the official announcement, with the new efforts, Argentina has become the first Latin American country to have Binance prepaid card, which is expected to be available to people in the coming weeks.
Additionally, users in Argentina will be able to use their cryptocurrencies to pay at more than 90 million merchants that accept Mastercard’s payment services for making purchases and paying bills.
Binance Card has some unique features
The first cryptocurrency card backed by a major exchange would be soon distributed in the country. Argentines have access to such card options, thanks to local cryptocurrency exchanges like Lemon. A comparable product from Crypto.com’s range of metal cards with rewards and benefits based on a tier list was also launched in Brazil.
Binance card offers up to 8% cashback in BNB for particular transactions, making the feature one of the most intriguing benefits. Refunds from Binance that fulfill specific requirements will be added immediately to the funded wallet.
Additionally, there are no costs associated with using this card to withdraw money from ATMs. Users are permitted to withdraw a maximum of 180,000 pesos ($1357) every month or 45,000 pesos ($339 at the official exchange rate) per day.
Notably, Argentina sees a serious crypto adoption as the mining sector expands in the region. The region implemented new fees for miners in February this year, as TheCoinRise reported. Ministry of Economy’s Energy Secretary eliminated government subsidies for power consumption, which resulted in mining becoming up to four times more expensive. On the other hand, seeing the potential of the sector, the town of Sorradino in Argentina’s Santa Fe Province is planning to invest inc crypto mining, as we reported.
The cashback makes Binance’s card a strong rival to traditional banks, which often offer relatively low cashback percentages and impose high costs for ATM withdrawals.
Currently, the Binance Card supports BNB, BUSD, BTC, ETH, USDT, USDC, ADA, DOT, SOL, MANA, and SXP for payments.