Binance introduces prepaid crypto card in Colombia

Cryptocurrency exchange, Binance, introduces its prepaid card in Colombia, aiming to expand its reach in the Latam region. Colombia marks the third country in Latin America (Latam) to have Binance prepaid cards in the region due to its partnership with Mastercard.

Last year, Argentina received the product, followed by Brazil early this year in January. With the prepaid card, identity-verified customers can make purchases and pay bills with digital assets that will establish the country as one of the top markets for Binance in the Latam region.

This Binance card is issued by Moviei, a financial company, to users in the area. The card also ensures that customers have a simple and straightforward method of acquiring crypto without having to pay fees or deal with the complicated onboarding processes at an exchange.

Previously, Binance had teamed up with Mastercard twice to be able to offer the same services in Argentina and Brazil.

Features of the prepaid crypto card

The prepaid cryptocurrency-linked card allows users to pay with digital assets at any merchant that accepts standard debit or credit cards.

This card is in collaboration with Movii, which is a Colombian neobank responsible for issuing its own Mastercard card.

The currencies supported by the card include Bitcoin (BTC), Binance Coin (BNB), Ethereum (ETH), Solana (SOL), Cardano (ADA), Polkadot (DOT), Shiba Inu (SHIB), Ripple (XRP), Chainlink ( LINK) and Polygon (MATIC).

In the case of stablecoins, users will be able to choose which currency can be used against these coins. The prepaid card shall include a real-time exchange from crypto to fiat currency.

This means that users will be able to use the token immediately, while sellers will be able to receive fiat currency immediately.

Binance also mentioned that this card will also include zero-fee ATM withdrawals and offer close to 8% in cashback rewards on select purchases. The card is still in beta testing; Once it passes the testing phase, Binance plans to introduce it to a wider audience soon.

Scope of cryptocurrency in Colombia

Latin America ranks fifth in the world in terms of cryptocurrency adoption. Latam has 8% to 10% of global digital currency activity. It also witnessed a near 10-fold increase in the use of digital assets over the past two years.

Daniel Acosta, General Manager of Binance Colombia, stated:

As one of the world leaders in crypto adoption, Colombia is an extremely relevant market for Binance. We believe that the launch of the Binance Card will encourage even wider adoption of crypto among Colombians, contributing to the development of the blockchain and crypto ecosystem in the country, while taking another step to bring cryptocurrency closer to the everyday lives of millions of people.

Binance hopes that this use of the product will help streamline the payment structure by making crypto more useful for payments.

Featured image from UnSplash, charts from TradingView.com