Binance, a major cryptocurrency exchange worldwide, announced Thursday that it had launched a Mastercard and crypto prepaid cards in Argentina: A partnership to bridge the gap between cryptocurrency and daily purchases.
Argentina is the first Latin American country to use this product. The launch of the Binance Card is part of the exchange’s continuous efforts further to develop global cryptocurrency adoption in a tangible manner. This product is currently in beta and will be available to all in the coming weeks.
The announcement states that all Argentina customers with valid IDs will be able to access the Binance card to make purchases and pay bills using cryptocurrencies. This includes Bitcoin and BNB at more than 90 million Mastercard merchants worldwide, both online and in person.
Cryptocurrencies are going to be converted into fiat currency In real-time, customers can receive up to 8% crypto cashback at the point where they purchase.
Maximiliano Hinz is the General Director of Binance Latin America. He said that payments was one of the most obvious uses of crypto. However, there are still many opportunities for adoption. Merchants can continue to receive fiat while users can pay in any cryptocurrency they prefer with the Binance Card. The Binance Card represents a significant step forward in encouraging greater crypto use and global adoption. It is now available for users from Argentina.
Binance will expand its presence in new markets and provide support for additional cryptocurrency.
Rising Inflation Drives Crypto Credit Card Booming
The timing of Binance’s launching such crypto prepaid cards in Argentina is crucial, which becomes a competitive location for the crypto-card segment.
People in Argentina want to access cryptocurrency because they don’t want to use traditional currencies that are unstable or devalued.
To reduce the effects of rising inflation on the economy, the country currently relies on crypto credit card to pay for its currency.
Crypto exchange Lemon Cash, an Argentine fintech company, launched its first crypto credit card in November 2017. It allows cryptocurrency payments.
Lemon partnered in partnership with Visa to allow the release of rewards from its Bitcoin cards in Argentina following an increase of more than 50% in the annual inflation rate.
It was a great achievement. Lemon has promised to release more than 3 million crypto credit cards by the end of this year to reduce Argentina’s rising inflation rate.
Other companies have stepped in to assist Argentina’s inflationary situation, as it appears that the rate is increasing.
Ripio and Universal Exchange also offer crypto credit cards, which will help Argentina implement a similar service to Lemon.
These firms seem to be attracting more people to invest in Argentina’s blockchain industry.
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