The Reward Card will offer users up to 8% cash back on select cryptocurrencies, including Bitcoin.
As per reports, it will charge a 0.9% fee for each bitcoin transaction
Cryptocurrencies, is coming to Brazil.
Mastercard and Binance have said that a prepaid card backed by bitcoin and other cryptocurrencies will be available in Brazil. Brazil probably has the largest economy in Latin America.
A blog post says that the Binance Card is currently in beta testing and that it should be widely available in the next few weeks. In many European countries, you can already get a Binance Card.
The Brazilian version will "allow all new and existing Binance users in Brazil with a valid national ID to make purchases and pay bills with cryptocurrencies."
According to the blog, it will charge a 0.9% fee for each bitcoin transaction. It will also offer 8% cashback on certain purchases and will not charge for ATM withdrawals.
Binance says that Brazil is one of the top 10 markets for the company. With this card, new and existing users in Brazil will be able to pay bills and shop at Mastercard stores using cryptocurrencies. Binance is trying to "broaden the connection between traditional finance and crypto" by releasing the prepaid card. The card has already been made available in Argentina, and now it is being made available in Brazil.
By numbers alone, Brazil is one of the biggest potential markets in the world. Estimates say that more than 10 million of the country's roughly 214 million people use cryptocurrency. Since the start of the pandemic, Brazil has also had high inflation rates, just like the United States. This has made the people there want safe money.