Top crypto exchange platform Binance is teaming up with financial services giant Mastercard to bring a new crypto card to South America.
The two companies recently announced plans to roll out the “Binance Card” in Argentina sometime during the next few weeks.
Buenos Aires-based fintech company Credencial Payments will issue the card, which aims to “bridge the gap between cryptocurrencies and everyday purchases,” according to a new press release from Binance.
The new product will allow customers to buy goods and services and pay bills using digital assets at more than 90 million Mastercard merchants across the globe. The card converts crypto assets directly into fiat currency at the time of purchase.
This isn’t the first time Mastercard has ventured into the world of crypto. In June, the firm enabled users to directly purchase non-fungible tokens (NFTs) using their credit cards without having to purchase virtual assets first.
In January, Mastercard announced a partnership with top US-based crypto exchange platform Coinbase, allowing users to purchase digital collectibles using their credit cards on Coinbase’s NFT marketplace.
Other credit card titans have also recently gotten in on the crypto action. In June, reports surfaced that American Express is working on launching its first-ever credit card that offers crypto rewards.
Furthermore, Visa has partnered with at least 65 crypto platforms, including industry giants FTX, BlockFi, Crypto.com, Coinbase and Binance, enabling consumers to convert and use digital assets to pay for goods and services.
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