Binance, the world's largest cryptocurrency exchange, has announced the launch of a prepaid card for the Brazilian market after joining forces with financial services giant Mastercard.
The tie-up is meant to bridge the gap between traditional finance and the relatively nascent world of digital assets.
It will be possible for Binance customers to use the card for shopping and paying bills.
The beta version of the new product is already being tested on the cusp of an upcoming launch that is expected to take place in February.
Prior to Brazil, Binance and Mastercard launched a similar product in Argentina, which is also among the biggest economies in Latin America. Back then, the exchange signaled that it would continue expanding into additional markets.Mastercard has been getting increasingly involved in crypto over the past year. In October, Mastercard partnered with crypto company Paxos in order to develop a trading program geared toward financial institutions. In June, it became possible for cardholders to purchase non-fungible tokens (NFTs) on several marketplaces.
Visa, Mastercard's arch-rival, announced a deal with the defunct FTX exchange, but it then had to terminate it after the controversial platform went belly-up in early November.
As reported by U.Today, Visa also filed several trademark applications that indicate its intention to launch a cryptocurrency wallet in late October.
Arman Shirinyan
