Binance launches prepaid card in Colombia – swaps

Binance, the cryptocurrency exchange, has launched a prepaid cryptocurrency card in Colombia, expanding its reach in Latam. The card, which allows customers with verified identities to pay with crypto, establishes the country as one of the leading markets for Latam exchanges behind Brazil and Argentina.

Binance announces crypto prepaid card in partnership with Movii

Binance, the largest cryptocurrency exchange by trading volume, is taking steps to expand its services in Colombia. The company announced the launch of a new prepaid cryptocurrency card that will allow users to pay with crypto at any merchant that accepts standard debit and credit cards.
The product is part of a partnership with Movii, a Colombian neobank that also has its own Mastercardcard issues. Currencies supported by the card include BNB, BTC, ETH, ADA, DOT, SOL, SHIB, XRP, MATIC, LINK and other stablecoins, where the user can configure which currency is issued.
The card will enable real-time exchanges from crypto to fiat currency, allowing users to spend crypto and traders to receive fiat instantly. Binance also announced that the prepaid card will enable fee-free ATM withdrawals and offer up to 8% cashback rewards on select purchases.
While it is still in beta, Binance announced that it will soon be rolled out to a wider audience.

Colombia: Another expansion point in Latam

Binance believes that Colombia is one of the countries where crypto will see the greatest adoption in the future and believes it can support that growth with the launch of this type of service. Binance Colombia General Manager Daniel Acosta stated:

Colombia is a very relevant market for Binance. We believe offering a Binance card will encourage even broader adoption of cryptocurrencies among Colombians, leading to the development of the Blockchain– and crypto ecosystems in the country.

Colombia is the third country to see the release of a Binance map product in Latam. Argentina saw the release of a similar map in August and was the first market Binance entered with this product. The exchange released another prepaid card product in Brazil in February, giving special emphasis to using the product to streamline payments and how crypto can be more useful in this space.
What are your thoughts on the release of Binance’s prepaid card launched in Colombia? Tell us in the comment section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price surge took place in December 2017. He has a computer engineer background, lives in Venezuela and is socially affected by the cryptocurrency boom. He offers a different take on crypto’s success and how it’s helping those who are unbanked and underserved.

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