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Binance, the cryptocurrency exchange, has launched a prepaid cryptocurrency card in Colombia, expanding its reach in Latam. The card, which will allow customers with their identity verified to make payments with crypto, establishes the country as one of the leading markets for the exchange in Latam behind Brazil and Argentina.
Binance, the largest cryptocurrency exchange by traded volume, is making moves to expand its services in Colombia. The company announced the launch of a new prepaid cryptocurrency-linked card, which will allow users to pay with crypto at all merchants that accept standard debit and credit cards.
The product is part of a collaboration with Movii, a Colombian neobank that also issues its own Mastercard card. Among the currencies supported by the card will be BNB, BTC, ETH, ADA, DOT, SOL, SHIB, XRP, MATIC, LINK and other stable coins, where the user can configure which currency to use.
The card will feature real-time exchange from crypto to fiat currency, allowing users to spend crypto and merchants to receive fiat instantly. Binance also announced that the prepaid card will feature zero-fee ATM withdrawals, and offer up to 8% in cashback rewards on select purchases.
While still in its beta phase, Binance announced that it will soon launch to a wider audience.
Binance believes that Colombia is one of the countries where crypto will have the greatest adoption in the future, and believes that it can support this growth with the launch of this type of service. Daniel Acosta, general manager of Binance Colombia, stated:
Colombia is a very relevant market for Binance. We believe that offering a Binance card will promote an even wider adoption of cryptocurrencies among Colombians, which will contribute to the development of the blockchain and crypto ecosystem in the country.
Colombia is the third country to see the release of a card product from Binance in Latam. Argentina saw the release of a similar card in August, which was the first market where Binance entered with this product. The exchange released another prepaid card product in Brazil in February, placing particular emphasis on the use of the product to streamline payments and how crypto can be more useful in this field.
What do you think about the release of Binance prepaid cards launched in Colombia? Tell us in the comments section below.
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