• Binance, the cryptocurrency exchange, has launched a prepaid cryptocurrency card in Colombia to expand its reach in Latam.
• The product is part of a partnership with Movii, a Colombian neobank that also issues its own Mastercard card.
• The release of this card gives Colombia the third spot for Binance products in Latam, after Argentina and Brazil.
Binance Launches Prepaid Card in Colombia
Binance, the cryptocurrency exchange, has launched a prepaid cryptocurrency card in Colombia to expand its reach in Latam. This card will allow customers with their identity verified to make payments with crypto and 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
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 and LINK among other stablecoins. The card will feature real-time exchange from crypto to fiat currency allowing users to spend crypto while merchants receive fiat instantly. Additionally zero-fee withdrawals are available at ATMs up to 8% cashback rewards in selected purchases.
Colombia: Another Expansion Spot In Latam
Binance believes that offering this type of service will foster an even broader adoption of cryptocurrencies among Colombians contributing to blockchain and crypto ecosystem development within the country according to Daniel Acosta general manager of Binance Colombia. The launch of this prepaid card makes Colombia the third country where such product is available from BInance in Latam after Brazil and Argentina were released earlier this year.
The list of supported currencies includes Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Polkadot (DOT), Solana (SOL), Shiba Inu (SHIB), Ripple (XRP), Matic Network (MATIC) Chainlink (LINK) and other stablecoins which can be configured by users on which currency they want to spend on transactions
This new move by Biance shows how cryptocurrencies can be used more efficiently through payment cards streamlining payments between buyers and sellers while expanding its services across Latin America making it easier for people within those countries to use cryptocurrencies as part of their everyday lives