Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, has recently announced the launch of its prepaid crypto card, Binance Card, in Colombia.
With high levels of crypto adoption, Colombia has become the third country in Latin America to support the product, following successful releases in Argentina and Brazil.
Bridging the Gap Between Crypto and Traditional Financial
As part of Binance’s ongoing efforts to bridge the growing crypto ecosystem with traditional financial infrastructure, Binance Card is set to expand users’ ability to make everyday purchases with digital assets. The card is currently in beta testing and will be widely available soon.
Issued by Movii, the Binance Card will allow all new and existing Binance users in Colombia, with a valid national ID, to make purchases and pay bills with cryptocurrencies such as Bitcoin and BNB, at over 90 million merchants worldwide, both in-store and online.
Users can enjoy a seamless transaction experience where their cryptocurrencies are converted to fiat in real time at the point of purchase. Other perks include up to 8% cashback in crypto on eligible purchases and zero fees on ATM withdrawals (note, however, that third-party services and network fees may still apply).
Dedicated Dashboard for Ease of Use
A dedicated dashboard on the Binance App and website will allow Binance Cardholders to manage their cards. The dashboard will provide access to customer support and feature transaction history. Binance Card users can fund transactions with any of the 12 supported cryptocurrencies, and merchants will receive payment in fiat.
Daniel Acosta, Binance’s General Manager in Colombia, stated,
“As one of the world leaders in crypto adoption, Colombia is an extremely relevant market for Binance. We believe that the launch of Binance Card will encourage even wider adoption of crypto among Colombians, contributing to the development of the blockchain and crypto ecosystem in the country while making another step to bring cryptocurrency closer to the everyday life of millions of people.”
Supported Cryptocurrencies and Conversion Fee
Binance Card users in Colombia will be able to make purchases with 12 different cryptocurrencies, including BNB, BTC, ETH, ADA, DOT, SOL, SHIB, XRP, MATIC, LINK, and stablecoins. They can specify their preferred assets on the app or website. A 0.9% conversion fee on payments using crypto will apply.
Binance plans to continue expanding the list of supported cryptocurrencies and bringing its crypto card to new markets around the world. With Binance Card, Binance is set to become a leading provider in the field of everyday payments, driving wider adoption of cryptocurrencies and blockchain technology.
The benefits and drawbacks of using cryptocurrency for everyday purchases.
While Binance Card aims to bridge the gap between cryptocurrency and traditional financial infrastructure, there are both benefits and drawbacks to using digital assets for everyday purchases. One advantage is the speed and ease of transactions, as well as the potential for lower fees. Additionally, some cryptocurrency users appreciate the privacy and security offered by decentralized transactions.
However, there are also drawbacks, such as the volatility of cryptocurrency prices, which can make it difficult to accurately value goods and services. Additionally, not all merchants accept cryptocurrency, limiting the utility of these digital assets for everyday purchases. As cryptocurrency adoption grows and the infrastructure supporting it expands, these benefits and drawbacks may shift in importance.
Final Thoughts
Binance Card is part of Binance’s efforts to bridge the gap between the growing crypto ecosystem and traditional financial infrastructure. The card will allow Binance users in Colombia to make everyday purchases and pay bills with cryptocurrencies such as Bitcoin and BNB, at over 90 million merchants worldwide, both in-store and online, with other perks such as up to 8% cashback in crypto on eligible purchases and zero fees on ATM withdrawals.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.
