Major crypto exchange Binance has partnered with Mastercard to launch a prepaid card for residents of Argentina.
In a Thursday announcement, Binance said the card will allow its clients in Argentina to use Bitcoin (BTC), Binance Coin (BNB) and other cryptocurrencies to make purchases as well as ATM withdrawals in fiat wherever Mastercard was accepted roughly 90 million merchants globally and online. Argentina 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 companys 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.
— CZ Binance (@cz_binance) August 4, 2022
The card requires Argentinians 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 crypto rewards card, respectively.
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Despite the recent market downturn, reports suggest that many Argentinians 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.