Tuesday, 14 March 2023

Binance Launches Prepaid Card in Colombia

by Berkeley Lovelace

Binance Launches Prepaid Card in Colombia

Binance, the cryptocurrency exchange, has launched a prepaid cryptocurrency card in Colombia, expanding its reach in Latam. The card, which will allow customers with their identity verified to make payments with crypto, establishes the country as one of the leading markets for the exchange in Latam behind Brazil and Argentina.

Binance Announces Crypto Prepaid Card in Partnership With Movii

Binance, the biggest cryptocurrency exchange in volumes traded, is making moves to expand its services in Colombia. The company announced the launch of a new prepaid cryptocurrency-linked card, that will allow users to pay with crypto in all merchants accepting standard debit and credit cards.

The product is part of a partnership with Movii, a Colombian neobank that also issues its own Mastercard card. Among the currencies supported by the card will be BNB, BTC, ETH, ADA, DOT, SOL, SHIB, XRP, MATIC, LINK, and other stablecoins, with the user being able to configure which currency will be spent.

The card will feature real-time exchange from crypto to fiat currency, allowing users to spend crypto, and merchants to receive fiat instantly. Binance also announced that the prepaid card will feature zero-fee withdrawals in ATMs, offering up to 8% in cashback rewards in selected purchases.

While it is still in the beta stages, Binance announced it will be launched to a wider audience soon.

Colombia: Another Expansion Spot in Latam

Binance thinks Colombia is one of the countries where crypto will have the biggest adoption in the future, and believes it can support this growth with the launch of this kind of service. Daniel Acosta, general manager of Binance Colombia, stated:

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 and crypto ecosystem in the country.

Colombia is the third country that sees the release of a card product from Binance in Latam. Argentina saw the release of a similar card in August, being the first market in which Binance entered with this product. The exchange released another prepaid card product in Brazil in February, putting a special significance on the usage of the product to streamline payments, and how crypto can be more useful in this field.

What do you think about the release of the Binance prepaid card launched in Colombia? Tell us in the comment section below.