Binance and Mastercard will launch prepaid crypto cards in Argentina

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

In a Thurs­day announce­ment, Binance said the card will allow its clients in Argenti­na to use Bit­coin (BTC), BNB and oth­er cryp­tocur­ren­cies to make pur­chas­es as well as ATM with­drawals in fiat wher­ev­er Mas­ter­card is accept­ed — rough­ly 90 mil­lion mer­chants glob­al­ly and online. Argen­tine card­hold­ers can also earn up to 8% back in cryp­tocur­ren­cy from cer­tain purchases.

Accord­ing to Binance, the intro­duc­tion of the card — expect­ed to be “wide­ly avail­able in the com­ing weeks” — was 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.”

The card requires Argen­tines to have a valid nation­al iden­ti­ty card or doc­u­men­to nacional de iden­ti­dad. Sim­i­lar require­ments are already in place for cred­it cards issued by local cryp­to exchanges. In 2021, Lemon Card launched a card with Visa offer­ing 2% back in BTC for Argen­tine users while Buen­bit and Belo both part­nered with Mas­ter­card to release a pre­paid card and a cryp­to rewards card, respec­tive­ly.

Relat­ed: Argenti­na car­ries out cryp­to wal­let seizures linked to tax delinquents

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.



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