Binance Introduces Crypto-Linked Prepaid Card in Colombia – Exchange’s Expansion in Latam

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Binance, the biggest cryptocurrency exchange in volumes traded, has launched a prepaid cryptocurrency-linked card in Colombia, expanding its reach in Latam. The card, which allows verified users to make payments with crypto, establishes the country as one of the leading markets for the exchange in Latam, alongside Brazil and Argentina.

Binance Launches Card in Partnership With Movii

The card is the result of a collaboration between Binance and Movii, a Colombian neobank that also issues its own Mastercard card. Customers can use the card to make purchases using BNB, BTC, ETH, ADA, DOT, SOL, SHIB, XRP, MATIC, LINK, and other stablecoins, depending on their preferences.

The new product has the ability to exchange crypto to fiat currency in real time, thus enabling users to pay with crypto and merchants to receive fiat instantly. Furthermore, the prepaid card will offer zero-fee withdrawals in ATMs and up to 8% in cashback rewards for certain purchases.

Binance is currently testing the product, but plans to release it to a wider audience in the near future.


Colombia is a Key Market for Binance in Latam

Binance has expressed its belief that Colombia is one of the countries where crypto will have the biggest adoption in the future, and that the launch of this card will help foster and encourage this growth. Daniel Acosta, general manager of Binance Colombia, commented:

Colombia is a very relevant market for Binance. We believe that offering a Binance card will contribute to the development of the blockchain and crypto ecosystem in the country, supporting an even broader adoption of cryptocurrencies among Colombians.

The prepaid card is the third product of its kind that Binance has released in Latam, following similar launches in Argentina in August and in Brazil in February. The exchange has been focusing on the usage of this product for streamlining payments and how crypto can be more useful in this field.

How do you think the introduction of the Binance prepaid card will affect Colombia? Let us know in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He entered the cryptosphere when the price surge happened during December 2017. With a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he has a unique perspective on crypto success and how it helps the unbanked and underserved.

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