Mastercard CEO: Binance Card Pilot Starting In Argentina
The Binance Card pilot has begun in Argentina, according to Mastercard CEO Michael Miebach. The Binance Card was originally introduced as part of a collaboration between Binance and Mastercard to bridge the cryptocurrency and normal purchase gap. At the time, it was stated that Argentina would be the first in Latin America to have the product.
Mastercard CEO also announced on Twitter the event:
Binance’s announcement to integrate XRP, SHIB, and AVAX on the Binance Card was also well received. The Binance Argentina Card now supports fourteen cryptocurrencies, including BUSD, USDT, USDC, BTC, BNB, ETH, ADA, DOT, SOL, MANA, SXP, XRP, SHIB, and AVAX.
According to the Binance FAQ page, all new and existing Binance users in Argentina can use the Binance Card to make cryptocurrency-based transactions and pay bills at more than 90 million Mastercard merchant locations worldwide, both in-store and online. According to the company, the Binance Argentina Card can be used at any Mastercard merchant worldwide.
Users may get cryptocurrencies instantaneously swapped for fiat money at the point of sale, earn up to 8% in crypto cash back on qualified transactions, and pay no fees for ATM withdrawals.
Argentina, where the Argentine Peso (ARS) has been in free collapse for a long time, has national currency inflation of 71%. In the last year, ARS has lost over a third of its value against the dollar, such that 1 BTC is now worth around 2.9 million ARS, or 37% less than it was a year ago.
For this reason, cryptocurrencies as payment methods are gaining increasing traction in Argentina as a measure to evade inflation.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire
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