Binance has partnered with Mastercard to launch a prepaid card for the residents of Argentina.
Binance said the card will allow its clients in Argentina to use Bitcoin, BNB and other cryptocurrencies to make purchases as well as ATM withdrawals in fiat wherever Mastercard is accepted. Argentine cardholders can also earn up to 8% back in cryptocurrency from certain purchases.
According to Binance, the introduction of the card is expected to be widely available in the coming weeks and is part of the company’s efforts to further the global adoption of crypto. Residents of Argentina will be the first in the region to have access to the cards, but the crypto exchange announced a similar initiative for Binance users in Ukraine in April and for the European Economic Area in 2020.
Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow, said Maximiliano Hinz, general director of Binance in Latin America. By using the Binance Card, merchants continue to receive fiat and the users pay in cryptocurrency they choose.
Despite the recent market downturn, reports suggest that many Argentines may still be turning to crypto. According to an Americas Market Intelligence report from April, researchers found that crypto penetration in Argentina had reached 12% roughly double that of Peru and Mexico.
