Credit card giant Mastercard (MA) and cryptocurrency exchange Binance are launching a prepaid crypto card in Brazil, Latin America's largest economy.
The new prepaid card is part of Mastercard’s efforts to “broaden the connection between traditional finance and crypto,” said the company in a news release.
The “Binance Card,” as it’s being called, is currently in beta testing and should be widely available to consumers in Brazil in the next few weeks, the two companies said.
In addition to Brazil, Mastercard and Binance are planning to make the prepaid card available in Argentina.
Brazil is one of Binance's 10 biggest markets. The new prepaid crypto card will allow users in the country to shop and pay bills with cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) at merchants that accept Mastercard.
Over the past 12 months, Mastercard’s stock has declined 4% to trade at $371.12 U.S. per share.
Privately held Binance operates the largest cryptocurrency exchange in the world.
