Binance Partners with Mastercard to Issue Crypto Card in Argentina

Argentina is set to become the first country in Latin America to gain access to the Binance Mastercard. The news was announced by Binance in a press release on August 4, as the company aims to drive rapid crypto adoption in retail 'in a tangible way'.

Busy day. #Binance and Mastercardhttps://t.co/bGasmirwxD - CZ Binance (@cz_binance) August 4, 2022

What Are the Advantages of the Argentina Binance Card?

During the launch of the card, Binance users in Argentina who have completed verification with the Documento Nacional de Identidad will be able to apply. The service will allow customers to pay at any store using Bitcoin (BTC), Binance Coin (BNB), or one of several popular stablecoins. Binance has not yet provided the full list of available Altcoins that can be used with the new crypto card.

#Binance collaborates with @Mastercard to launch a new prepaid card in Argentina, bringing crypto payments to the region Users can enjoy: Shop with crypto (#BTC, #BNB and more) Up to 8% crypto cashback Zero fees on ATM withdrawals - Binance (@binance) August 4, 2022

"Our work with digital currencies builds on our strong foundation of giving people choice and peace of mind when shopping and paying," said Walter Pimenta, Vice President of Mastercard's Latin America and Caribbean Headquarters. Indeed, peace of mind for crypto enthusiasts will come with 8% cashback at eligible stores. Furthermore, the Argentina Binance Card will allow users to withdraw money from any Mastercard-supported ATM in the country with zero fees. As Maximiliano Hinz, General Manager of Binance Latin America, explained: "We believe the Binance Card is an important step to encourage broader crypto adoption and global adoption".

Latin America Has Huge Potential as a Crypto Hub

The technology behind Binance Mastercard automatically converts cryptocurrency to fiat in real-time for every transaction made, so merchants don't have to worry about the trademark volatility of cryptocurrencies. Crypto organizations see Latin America as an ideal region to test crypto-related products, and Binance plans to continue its expansion into the region. Just last week, Honduras announced a 'Bitcoin Valley' in Santa Lucia to attract tourists and accelerate crypto adoption. El Salvador has also gained a reputation as a staunch ambassador of blockchain technology, becoming the first country to offer Bitcoin (BTC) as legal tender. On top of that, the surge in demand for cryptocurrencies in Brazil has surpassed all expectations, with startups like Nubank in the country reaching milestones much sooner than expected.

Brazil's largest digital bank Nubank reaches 1 MILLION #bitcoin and crypto users in 1 month - Bitcoin Magazine (@BitcoinMagazine) August 1, 2022

Why Should You Care?

Latin America has a high level of crypto demand as most of the region's citizens are unbanked and lack infrastructure or economic stability. Binance is among the biggest players in the crypto game and aims to provide the necessary infrastructure to facilitate smooth adoption in the region.