Binance Partners with MasterCard to Introduce Prepaid Card in Brazil
According to Reuters, Binance & MasterCard are reported to introduce a prepaid card in Brazil in the coming few weeks, a few months after doing away with it in Argentina. The action targets to Trade Finance, reinforce and influence digital asset adoption.
Following these events, Brazil will register as the Second LatAM nation in Latin America to adopt the Binance card after Argentina in August last year. Brazil is among the largest economy in Latin America and one of Binance’s biggest markets.
In addition, MasterCard and Binance reported the launch of a prepaid card in Brazil, intending to shorten the gap between digital assets and traditional modes of payments. According to the announcement, the prepaid card is in its final testing (beta) and is anticipated to be introduced in the coming weeks.
The prepaid card will give Binance investors a credible national identification card to allow payments through digital assets such as the Binance coin (BNB) and the initial coin (BTC) at over ninety million universal MasterCard users.
When buying and selling, the investors’ digital asset funds are transformed into fiat currency in real-time while also enabling them to receive rewards of up to 8% in virtual digital asset cashback on eligible purchases. Moreover, investors can easily monitor their cards through the Binance website and app, track their transaction history, or look for customer help.
Binance Expansion Continues
Similar to Argentina, the rollout of the prepaid card in Brazil indicates the industry’s joint effort to influence universal digital asset adoption. Regardless of the continuing cryptocurrency winter, many Trade Finance institutions and their investors continue to adopt cryptocurrency thanks to their outstanding benefits, like privacy, convenience, and financial freedom.
MasterCard has always been one of the leading payment industries regarding digital asset adoption. The payment giant initially ventured into virtual digital assets a couple of years ago when it introduced its strategies to begin helping select digital assets directly to its protocol. In addition, the company recently announced it would roll out a project this year that enables financial institutions and banks to offer their customers virtual digital asset exchange services.
In the meantime, the world’s largest virtual digital asset exchange, by far, persists in expanding vigorously. This month, the industry re-entered the South Korean market by purchasing a 41.2% stake in Gopax- one of the nation’s top five trading platforms.
South Korea Prioritizes Crypto Crackdown
Meanwhile, the ministry of justice in South Korea will establish a virtual currency monitoring system to end the money laundering enhanced by virtual digital assets and value the facility’s establishment amongst its priorities this year.
South Korea’s ministry of justice announced its strategies for this year, intending to do away with sexual predators, gang violence, and violent crimes as its top priorities, followed by immigration reforms. Several measures targeted and addressed several unlawful activities like tackling organized crime, improvements to criminal justice systems, and repatriating accused criminals who escape from facing the local courts.
The nation has taken a step forward to ensure that cryptocurrency exchange facilities on its shores purchase licenses and then operations on cracking down on investors that did not observe its regulatory policies. In addition, those who signed up were requested to report on exchanges so the country could detect fraudulent activities.
