Binance, one of the world’s largest cryptocurrency exchanges, has launched its prepaid crypto card in Colombia, marking its third Latin American country after Argentina and Brazil.
The Binance Card enables users to convert their digital assets into fiat currency in real-time at the point of sale, making it possible to use cryptocurrencies at over 90 million merchants worldwide, both online and in-store.
The card also comes with several benefits, including up to 8% cashback on qualifying purchases and zero fees on ATM withdrawals.
“Colombia is an important market for Binance, and we are excited to bring our card to our users here,” said Binance CEO Changpeng Zhao. “Our aim is to provide our users with a seamless experience when using cryptocurrencies, and the Binance Card is an important step towards achieving that goal.”
The launch of the Binance Card in Colombia is part of the company’s efforts to expand its presence in Latin America, a region that has shown significant interest in cryptocurrencies in recent years.
According to a recent report by blockchain analytics firm Chainalysis, Latin America has seen a 50% increase in cryptocurrency adoption over the past year, with countries like Brazil, Colombia, and Argentina leading the way.
The report also highlighted the role of cryptocurrency in facilitating cross-border payments and remittances, a major use case for cryptocurrencies in Latin America.
The Binance Card is just one of the many products and services that Binance offers in the region. The company also operates a cryptocurrency exchange and a peer-to-peer trading platform, which allow users to buy and sell cryptocurrencies using their local currency.
With the launch of the Binance Card in Colombia, users can now easily spend their cryptocurrencies at their favorite merchants, without having to worry about exchange rates or fees.
As cryptocurrency adoption continues to grow in Latin America, it is likely that more companies will follow in Binance’s footsteps and launch their own prepaid crypto cards, providing users with more options and greater flexibility when using digital assets.
