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The cryptocurrency exchange Binance has expanded its presence in Latam by introducing a prepaid cryptocurrency card in Colombia. The card makes the nation one of the top markets for the exchange in Latam, behind Brazil and Argentina, by enabling consumers with their identities validated to make cryptocurrency payments.
Binance Announces Crypto Prepaid Card in Partnership With Movii
The largest cryptocurrency exchange in terms of traded volumes, Binance, is taking steps to expand its services in Colombia. The business announced the release of a new prepaid card linked to cryptocurrencies, enabling customers to make bitcoin payments at any retailer that accepts conventional debit and credit cards.
The product results from a collaboration with Colombian neobank Movii, which also produces its own Mastercard card. BNB, BTC, ETH, ADA, DOT, SOL, SHIB, XRP, MATIC, LINK, and other stablecoins are among the currencies that the card will support. The user can decide which currency will be used while making purchases.
The card will offer real-time cryptocurrency to fiat money conversion, enabling consumers to spend cryptocurrency and merchants to receive fiat instantly. Additionally, Binance said that the prepaid card would enable zero-fee ATM withdrawals and up to 8% cashback returns on certain transactions.
Although it’s still in the testing stages, Binance said it would soon be made available to a larger public.
Colombia: Another Expansion Spot in Latam
With the introduction of this type of service, Binance hopes to promote Colombia’s growth as one of the nations with the greatest potential for cryptocurrency adoption. General Manager of Binance Colombia, Daniel Acosta, said:
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.
The third country in Latin America to see the launching of a card product from Binance is Colombia. A comparable card was made available in Argentina in August, marking Binance’s first entrance into that market. In February, the exchange launched a new prepaid card product in Brazil, emphasizing the importance of using the product to speed payments and how cryptocurrency can be more helpful.
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