Binance Launches Prepaid Crypto Card in Colombia

2023-03-10

Main Takeaways

  • Colombia becomes the third Latin American country where Binance’s crypto card is available, joining Argentina and Brazil. 

  • Binance Card enables real-time conversion of digital assets to fiat at the point of sale, allowing users to shop at over 90 million merchants worldwide – both in-store and online.

  • The card comes with up to 8% cashback on qualifying purchases and zero fees on ATM withdrawals.

Binance, the world's leading blockchain and cryptocurrency infrastructure provider, has announced the launch of Binance Card in Colombia. One of Binance's top markets boasting high levels of crypto adoption, Colombia becomes the third country in Latin America to support the product, following releases in Argentina last year and in Brazil this past January. The prepaid crypto card is part of Binance’s ongoing effort to bridge the growing crypto ecosystem with traditional financial infrastructure and expand users’ ability to make everyday purchases with digital assets. The card is in beta testing and will be widely available soon.

The card, issued by Movii, will allow all new and existing Binance users in Colombia with a valid national ID to make purchases and pay bills with cryptocurrencies, including bitcoin and BNB, at over 90 million merchants worldwide, both in-store and online. Users can enjoy a seamless transaction experience whereby 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).

Binance cardholders will be able to manage their cards via a dedicated dashboard on the Binance App and website. The dashboard will feature transaction history and provide easy access to customer support. Binance Card users will fund transactions with any of the 12 supported cryptocurrencies, while merchants will be paid in fiat.  

Daniel Acosta, Binance’s general manager in Colombia, said: “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.”

Binance Card users in Colombia will be able to make purchases with 12 different cryptocurrencies: BNB, BTC, ETH, ADA, DOT, SOL, SHIB,  XRP, MATIC, LINK, and stablecoins, specifying the preferred assets on the app or website. A 0.9% conversion fee on payments using crypto will apply. 

In addition to expanding the list of supported cryptocurrencies, Binance plans to continue to bring its crypto card to new markets around the world.