Binance, the largest crypto exchange by trading volume is ready to make its next move in the LATAM region. The exchange has just announced that it wants to offer a new service to its users based in Colombia.
Binance Launches Prepaid Cards in Colombia
The exchange has announced that they are launching debit cards for customers based in Colombia. The best thing about the cards is that they will be prepaid debit cards that would be linked with cryptocurrencies.
The users will be able to use the prepaid debit cards at any merchant that accepts card payments. Whether it is the credit card accepting machine, the debit card accepting machine, or both, prepaid cards can be used there.
Binance Partners with Movii
Binance has announced that it formed a partnership with one of the firms based in Colombia to offer such a utility to the users.
The exchange officials have confirmed that they have partnered with Movii to bring the utility to the users. It is a neobank that is based in Colombia and partnering with them has allowed them to launch the new Mastercard card.
The users from Colombia will be able to process multiple transactions through prepaid debit cards. As communicated by the exchange, the users will be able to process transactions using some of the major cryptocurrencies.
These cryptocurrencies include LINK, MATIC, XRP, SHIB, SOL, DO, ADA, ETH, BTC, and BNB. In addition to the cryptocurrencies, the users will gain access to processing transactions using stablecoins.
The users will be able to perform transactions using the cryptocurrency of their choice. Going forward, the exchange aims to offer even more cryptocurrencies to users.
They will keep adding more cryptocurrencies to the list so the users never run out of payment-making options.
Features Offered by the Cards
As the users process the transactions, their cryptocurrencies will be converted to fiat currencies in a split second. The new card would encourage users to use cryptocurrencies locally as means of payment.
The most interesting feature of prepaid cards is that the users will incur no fees as they process withdrawals from the ATMs.
In addition to zero fees, the users will be able to earn huge cashback rewards for the transactions they process. They have revealed that they will be granted up to 8% cash back rewards to the users as they make purchases.
Binance has confirmed that for now, they have the new prepaid cards in their beta version. They are currently running the cards through the testing phase to establish any bugs or problems in the cards or their functionalities.
After going through the relevant checks and the testing phase, they will start rolling out the new cards to customers based in Colombia.