Binance Introduces Prepaid Crypto Cards to Colombia

After recent expansions to Brazil and Argentina, Binance announced on March 10 that its crypto debit card will be available in Colombia. Binance’s latest foray into Latin America has been done in partnership with Mastercard, the card itself being issued by Movey.

Binance Brings Crypto Cards To Colombia

This Friday, Binance revealed that it will be bringing cryptocurrency prepaid cards to Colombia. This card is issued by his Movii and can be used anywhere Mastercard is accepted. Colombian users can make payments in a variety of cryptocurrencies including several stablecoins and her BNB, BTC, ETH, ADA, DOT, SOL, SHIB, XRP, MATIC and LINK.

As with similar launches, Binance has expressed hope that the card will bridge the gap between TradFi and DeFi, leading to increased adoption of digital assets. Just two months ago, in January, the world’s largest cryptocurrency exchange introduced debit cards to Brazil. Binance has been aggressively expanding into South America in recent months, launching a similar product in Argentina last summer.

The exchange’s efforts are not surprising given that Latin America has proven to be a highly dynamic hub for digital assets. El Salvador’s 2020 decision to allow, but other countries in the region are clearly moving in a more crypto-friendly direction. Argentina, for example, will begin allowing residents of important wine-growing regions to pay taxes in cryptocurrencies in August 2022.

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Visa and Mastercard Undeterred by Crypto Recession

A long list of disasters and bankruptcies that have rocked the cryptocurrency industry, from the collapse of LUNA to the most recent liquidation of Silvergate, has left many nervous about the growing ties between Visa and Mastercard and the digital assets sector. Indeed, the uncertainty has recently led to reports that the two companies have reached a decision to freeze their relationship with the blockchain firm while they wait for the end of the “crypto winter.”

However, these reports were denied by Visa and have been proven untrue by the payment giant’s recent actions. Earlier this month, Mastercard partnered with Bitso, Mexico’s leading cryptocurrency exchange, to launch a cryptocurrency debit card in the country. Additionally, a partnership between the payments giant and his Immersve has launched a similar product offered to users in New Zealand and Australia.

Visa and Mastercard are also active in adopting cryptocurrencies and blockchain for institutional investors. Mastercard, for example, announced in October the launch of a tool aimed at helping banks detect digital asset-related crime, revealing it will help banking institutions offer cryptocurrency to their customers. I made it

Do you think Binance’s crypto cards will be available in all South American countries by the end of 2023? Let us know in the comments below.

About the author

Tim Fries is the co-founder of The Tokenist. he has a bachelor’s degree He holds a Bachelor of Science degree in Mechanical Engineering from the University of Michigan and the University of Chicago Booth earned his MBA from the School of Business. Tim is a senior associate on the investment team in RW Baird’s US Private Equity division and co-founder of Protective Technologies Capital, an investment firm that specializes in sensing, protection and control solutions.