Cryptocurrency exchange Binance has teamed with Mastercard to launch its Binance Card in Argentina, the first Latin American country to have the product.
According to a Thursday (Aug. 4) news release, the card is part of Binance’s goal of “furthering global cryptocurrency adoption in a tangible manner.” Now in a beta phase, the card is expected to become widely available in the coming weeks.
Issued by Credencial Payments, the card lets Binance users in Argentina who have a valid national ID make purchases and pay bills with cryptocurrencies, including bitcoin and BNB, at Mastercard merchants around the world.
Cardholders will be able to manage their cards using the Binance App and website, where they can view their transaction history and access customer support through the card dashboard.
“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow,” said Walter Pimenta, executive vice president, products and innovation, Mastercard Latin America and the Caribbean. “By using the Binance Card, merchants continue to receive fiat and the users pay in the cryptocurrency they choose.
“We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption and now it is available for users from Argentina.”
PYMNTS reported earlier this week that residents of Argentina’s neighbor Chile have begun using stablecoins to guard their assets against the high inflation of recent times and the lessening value of that country’s peso.
Read more: Today in Crypto: Chileans Stablecoin Use up 50% as Economy Dips
Chile-based exchange CryptoMarket said it had marked a 50% rise in stablecoin transactions of the two top stablecoins, Tether and USD Coin, in the second quarter of the year.
Manager Eduardo Pérez de Castro said stablecoins “represent 30% of users’ total purchases, and what they mostly choose to buy if it is their first time using the platform.”
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