Binance is launching a prepaid cryptocurrency card in Columbia, following its debut in Argentina last August.
“The staggered launch pattern allows Binance to evaluate the marketplace, with key interest in Latin America and provide an important outlet to easily convert crypto into fiat currency,” said Jordan Hirschfield, Director of Prepaid at Javelin Strategy & Research. “This step is a needed next step to better integrate crypto into traditional commerce and prepaid debit cards create the right environment to actualize that opportunity.”
Binance is partnering with Colombian company Movii to produce the cards. Movii provides digital banking services and mobile payments solutions to individuals and businesses.
Movii’s mobile app allows users to create a digital wallet that can be loaded with funds via bank transfer, credit card, or cash deposit. Once the wallet is funded, users can make payments to merchants or other users by entering their mobile phone number or scanning a QR code.
When Binance customers use the prepaid cryptocurrency card, the crypto will be converted to local currency in real-time. Users pay with whichever cryptocurrency they choose from the 12 cryptocurrencies Binance supports. Cardholders will also be able to check their transaction history and access customer service through the card’s dashboard. Top of Form
Combining prepaid cards and cryptocurrencies can provide users with a convenient and accessible way to store and spend their digital assets, while also taking advantage of the benefits of traditional payment networks.
Binance’s partnership with Movii fits with the trend of cryptocurrency companies partnering with fintechs to expand the reach of their exchanges. For the general public, cryptocurrency exchanges have been rather niche, particularly because there has been little use for crypto in day to day purchasing. Partnering with other fintech companies allows cryptocurrency platforms to offer a wider range of financial products and services is helping to change that.