Binance and Mastercard to launch prepaid crypto cards in Argentina

"Payments are one of the earliest and most obvious use cases for crypto, but adoption still has a long way to go do," said Maximiliano Hinz. .

Leading crypto exchange Binance has partnered with Mastercard to launch a prepaid card for residents of Argentina.

In an announcement on Thursday, Binance said the card will allow customers in Argentina to use Bitcoin (BTC), BNB, and other cryptocurrencies to make purchases as well as fiat ATM withdrawals anywhere where Mastercard is accepted - approximately 90 million merchants worldwide and online. Argentinian cardholders can also earn up to 8% back in cryptocurrency on select purchases.

According to Binance, the introduction of the card – which is expected to be “widely available in the coming weeks” – was part of the company’s efforts to drive 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 earliest and most obvious use cases for crypto, but adoption has plenty of room to grow," said Maximiliano Hinz, general manager of Binance in Latin America. “Using the Binance Card, traders continue to receive fiat and users pay in the cryptocurrency of their choice.”

Busy day. #Binance and Mastercardhttps://t.co/bGasmirwxD

The card requires Argentines to have a valid national identity card or a documento nacional de identidad. Similar requirements are already in place for credit cards issued by local crypto exchanges. In 2021, Lemon Card