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Leading cryptocurrency exchange Binance has announced a partnership with Mastercard in a bid to launch a prepaid card for Argentine users.
Announced this week, Binance stated that it will be allowing its customers to use Bitcoin and other altcoins in the industry to make purchases where Mastercard is accepted. This puts Bitcoin and cryptocurrency on the map in the country at approximately 90 million retailers and merchants in the country and online. Binance noted that the introduction of the card is part of the firm’s aims to offer cryptocurrency use and expand functionality in the industry across the world. While Argentina is the first in the region to receive access to Binance’s cards, customers in Ukraine have also been introduced to the cards and Binance announced plans for the European region two years ago.
Busy day. #Binance and Mastercard????https://t.co/bGasmirwxD
— CZ ???? Binance (@cz_binance) August 4, 2022
According to the announcement, Argentine users will also be rewarded for using the Binance card and can earn up to 8% back in cryptocurrency for making certain purchases.
Maximiliano Hinz, general director of Binance in Latin America commented on the launch of the card:
“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. By using the Binance Card, merchants continue to receive fiat and the users pay in cryptocurrency they choose.”
Although the cryptocurrency industry is struggling after a major crash and struggles to maintain strength amidst a bear market, reports and research shows that the region is set for crypto use. According to research into the industry, Argentines are looking to use cryptocurrency for payments much more than in neighbouring regions including Peru and Mexico. This, coming off a bear market, sets the industry up to thrive when the market sees a turn in an upward direction.