World leading crypto exchange Binance is partnering with Colombian neobank Movii to release a new crypto-linked prepaid card in an effort to expand its services in the country.
The card enables users to make payments with major cryptocurrencies — such as BNB, BTC, ETH, XRP and more — in all vendors that accept conventional debit and credit cards.
The card will offer real-time cryptocurrency to fiat money conversion, enabling consumers to instantaneously spend cryptocurrency and merchants to immediately receive fiat. Additionally, Binance said that the prepaid card will enable zero-fee ATM withdrawals and up to 8% cashback returns on certain transactions.
Binance added that although it is currently in the beta phases, a broader audience will soon be introduced to it.
Colombia is a very relevant market for Binance. We believe that offering a Binance card will foster an even broader adoption of cryptocurrencies among Colombians, which will contribute to the development of the blockchain and crypto ecosystem in the country.
Daniel Acosta, General manager at Binance Colombia
Colombia is the third Latin American country to receive a card launch from Binance — the first country to experience this being Argentina. In February, the exchange launched a new prepaid card product in Brazil, emphasising the product’s role in streamlining payments and the potential for bitcoin to be more helpful in this area.
