Binance and Mastercard have struck a new partnership that will enable the companies to launch a cryptocurrency payment card.
The cryptocurrency debit card comes after news that Ripio will also be launching a cashback rewards system that will reward card holders in Bitcoin, and possibly other cryptocurrencies.
Binance and Mastercard’s card will enable consumers to automatically convert cryptocurrencies into FIAT to settle payments.
The product will be released first in Argentina, where Ripio also plans on launching its own cards this year, after a pilot test in Brazil.
Once Mastercard and Binance are happy with the results in Argentina, a global launch will be due.
The card will work at 90 million high and street shops around the world. To sign up for the card, a consumer will need to use a valid national ID.
Mastercard CEO Michael Miebach welcomed this opportunity and said that it will “unlock the full potential of blockchain technology”.
Binance executive Maximiliano Hinz joined and added that the launch in Argentina signifies a significant step in promoting global adoption of cryptocurrency as a payment method and everyday use.
Despite the announcement, certain markets are unlikely to get the card. For example, consumers in the UK would need to wait on the Financial Conduct Authority to remove Binance from its blacklist before they can try the Binance Mastercard.
However, the fact that Mastercard would work with Binance exemplifies how the cryptocurrency exchange has won a global renown and despite its regulatory tussles, it’s likely to be a permanent part of the cryptocurrency landscape and help with its mainstream adoption.
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