Binance Launches Prepaid Card in Colombia – The largest cryptocurrency exchange by trading volume, Binance, is expanding its services in Colombia. The company announced the debut of a new prepaid cryptocurrency-linked card, that would allow users to pay with crypto in all merchants accepting regular debit and credit cards.
The product is offered in conjunction with Movii, a Colombian neobank that also issues its own Mastercard. The card will support BNB, BTC, ETH, ADA, DOT, SOL, SHIB, XRP, MATIC, and LINK, among other stablecoins, and the user will be able to configure which currency will be spent.
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The card will enable real-time crypto-to-fiat currency conversion, allowing consumers to spend crypto while merchants receive fiat promptly. Additionally, Binance said that the prepaid card will enable zero-fee ATM withdrawals and up to 8% cashback incentives on chosen transactions.
While it is still in beta, Binance has stated that it will soon be available to a wider public. Binance believes Colombia will be one of the countries with the most crypto adoption in the future, and feels the launch of this type of business will assist this growth.
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 in Latin America to receive a card product from Binance. In August, a comparable card was released in Argentina, which was the first country Binance entered with this product. The exchange issued another prepaid card product in Brazil in February, putting a special weight on the employment of the product to simplify payments, and how crypto can be more effective in this field.