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After launching similar initiatives in Brazil and Argentina, Binance is widening its reach into LATAM by making its crypto debit card available in Colombia.
Cryptocurrency exchange Binance announced the launch of a prepaid crypto card in Colombia, marking the third country in Latin America (LATAM) in which it has done so. Binance released the card in Argentina last year and in Brazil this past January. The exchange said:
The prepaid crypto card is part of Binance’s ongoing effort to bridge the growing crypto ecosystem with traditional financial infrastructure and expand users’ ability to make everyday purchases with digital assets.
Binance said its new prepaid crypto-linked card would allow users to pay with crypto to all merchants who accept standard debit and credit cards.
Binance Partners with Movii
Binance’s new crypto card is the product of a partnership with Movii, a Colombia neo bank. The prepaid crypto card currently supports BNB, BTC, ETH, ADA, DOT, SOL, SHIB, XRP, MATIC, LINK, and other stablecoins. Users will be able to configure which currency they want to spend.
According to its announcement, users can enjoy a seamless transaction experience where their crypto will be converted to fiat in real-time at the point of purchase. Binance included a couple of perks with its card, including up to 8% cashback in crypto on eligible purchases and zero fees on ATM withdrawals.
Daniel Acosta, Binance’s general manager in Colombia, commented:
As one of the world leaders in crypto adoption, Colombia is an extremely relevant market for Binance. We believe that the launch of Binance Card will encourage even wider adoption of crypto among Colombians, contributing to the development of the blockchain and crypto ecosystem in the country while making another step to bring cryptocurrency closer to the everyday life of millions of people.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.