Binance’s expansion in Argentina is crucial as it becomes a central hub for crypto and crypto cards.
Binance Joins Argentina’s Crypto Card Boom
Binance and Mastercard launched a prepaid card in Argentina to support crypto payments.
The new card allows users to make purchases and pay bills directly with crypto, reducing their exposure to the crashing peso. It supports the conversion and spending of USDT, USDC, BTC, BNB, ETH, ADA, SOL, and some other cryptocurrencies. Additionally, customers can earn 1% to 8% in crypto-cash back and pay zero fees on ATM withdrawals.
“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. By using the Binance Card, merchants continue to receive fiat, and the users pay in the crypto they choose. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption,” said Maxi Hinz, General Director of Binance in Latin America.
The leading crypto exchange is rapidly expanding in the South American country — from becoming the favorite route for residents to escape from the local currency to sponsoring the national football team.
But competition is fierce, and other local crypto exchanges are also emerging. For example, Lemon Cash, a crypto startup that raised $16.3 million in Series A funding, is the most downloaded app in the Argentine App Store and offers its own international prepaid card.
Source : bsc.news
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