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- What-Binance expands its Binance card product to Colombia
- Why- The firm expressed that the card is part of the ongoing efforts to bridge the gap between TradeFi and DeFi
- What Next- The card is in beta testing, as Binance plans to bring its crypto card to other markets around the globe
On March 10, Binance, the world’s leading crypto provider, revealed the launch of crypto card in Colombia. This comes after its recent expansions to Brazil and Argentina. The card will be issued by Movii, enabling new and existing users to make purchases and pay bills with cryptocurrencies. All the platform users in Colombia with valid IDs will be making payments using cryptocurrencies such as DOT, ETH, BTC, and many more. Notably, Binance noted that the card is part of the ongoing efforts to bridge the growing crypto gap between TradeFi and DeFi. Additionally, the card may lead to increased digital asset adoption.
https://twitter.com/smallcappick/status/1634307107309731842?s=20
Notably, the cardholders can manage their cards through a dashboard on Binance App and website. The dashboard will provide transaction history and enable easy access to the users. The platform card users will also fund transactions with any of the 12 supported cryptocurrencies. However, the merchants will be paid in fiat.
On the other hand, the card will allow users to shop at over 90 million in-store and online merchants. The users can also experience transactions in that their cryptos are converted to fiat in real-time during purchase. Moreover, the card comes with 8% cashback and zero fees on ATM withdrawals.
“Colombia is an extremely relevant market for Binance,” Binance’s General manager
Binance’s general manager in Colombia, Daniel Acosta, has asserted that:
As one of the world leaders in crypto adoption, Colombia is an extremely relevant market for Binance. The launch of the Binance card will encourage even wider crypto adoption, even among Colombia residents. This will contribute to the development of blockchain crypto ecosystem in the country.
Noteworthy, Colombia becomes the third country in Latin America to support the firm’s card. The card is in beta testing and will soon be widely available, as the company plans to bring its crypto card to other markets around the globe.
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