Mastercard has teamed up with the world’s largest crypto exchange to launch another prepaid crypto card in Latin America.
The new card will allow new and existing Binance users in the country with valid national IDs to make purchases and pay bills with crypto assets.
Brazil is the second country where Binance has launched the product, following Argentina.
The card is a significant step in encouraging wider crypto use and global adoption.
The card will allow real-time conversion from 14 crypto assets to fiat at the point of sale. Perks include up to 8% cash back in crypto on eligible purchases and zero fees on some ATM withdrawals.
Brazil leads the global average for crypto usage and adoption.
The new legislation has not made Bitcoin legal tender, as in El Salvador, but it includes many digital assets under the definition of legal payment methods. A licensing regime for virtual asset service providers was also established.