• Binance, the biggest cryptocurrency exchange in volumes traded, has launched a prepaid cryptocurrency-linked card in Colombia.
• The card will allow users to pay with crypto in all merchants accepting standard debit and credit cards.
• This product is part of a partnership with Movii, a Colombian neobank that also issues its own Mastercard card.
Binance Launches Prepaid Card in Colombia
Binance, the cryptocurrency exchange, has expanded its reach in Latam by launching a prepaid cryptocurrency card in Colombia. With their identity verified, customers can now make payments using crypto and establish the country as one of the leading markets for the exchange in Latam behind Brazil and Argentina.
Binance Announces Crypto Prepaid Card Partnership With Movii
Binance announced the launch of a new prepaid cryptocurrency-linked card that will enable users to pay with crypto at all merchants accepting standard debit and credit cards. The product is part of a strategic alliance with Movii, a Colombian neobank that issues its own Mastercard card. Supported cryptocurrencies include BNB, BTC, ETH, ADA, DOT, SOL, SHIB, XRP, MATIC, LINK and other stablecoins; users are able to configure which currency they’d like to spend. Additionally the card features real-time exchange from crypto to fiat currency so merchants can receive payment instantly. Other benefits include zero-fee withdrawals at ATMs plus up to 8% cashback rewards on selected purchases. The product is still being tested but Binance plans to make it available soon for wider use.
Colombia: Expansion Spot In Latam
Binance sees Colombia as one of the countries where crypto adoption will be most prominent moving forward and believes it can support this growth through this service offering. Daniel Acosta (General Manager of Binance Colombia) commented: “Colombia is a very relevant market for Binance… We believe that offering a Binance card will foster an even broader adoption of cryptocurrencies among Colombians which will contribute to the development of the blockchain & crypto ecosystem in the country.“
Previous Releases In Argentina & Brazil
In August 2020 Binance released a similar prepaid card product in Argentina while another was released in Brazil back February 2021 both putting emphasis on streamlining payments via crypto services offered by them.
The new prepaidcryptocurrency-linked card unveiled by Binance allows users from Colombia access greater convenience when making payments via cryptocurrencies while providing merchants an efficient method for receiving payment instantly without any transaction fees or waiting periods – establishing itself as one of the most important markets for latin american cryptocurrency exchanges like Biance behind Brazil & Argentina