Mastercard has partnered with Binance, the world’s largest cryptocurrency exchange, to launch a new prepaid crypto card in Brazil. The Binance Card, issued by Dock, a payment institution regulated by Banco Central do Brasil, will enable Binance users in the country to make purchases and pay bills with their crypto assets.
The card is currently in beta testing and will be widely available in the coming weeks. The card will allow real-time conversion of 14 crypto assets to fiat currency at the point of sale and offer perks like up to 8% cash back in crypto on eligible purchases and zero fees on some ATM withdrawals.
According to Mastercard’s 2022 New Payments Index, Brazil is leading the world in cryptocurrency usage and adoption. In a global survey of over 35,000 people, the study found that 49% of Brazilians have made at least one crypto-related transaction in the past year, compared to the global average of 41%.
This comes after President Jair Bolsonaro signed a bill in December legalizing the use of cryptocurrencies as a payment method in the country. The legislation established a licensing regime for virtual asset service providers and included digital assets under the definition of legal payment methods, although it did not make Bitcoin a legal tender.
