Binance & Mastercard
The two worlds collide, Web2 meets Web3. Binance meets Mastercard. The biggest crypto exchange and one of the largest credit card platforms join forces to let people make purchases in crypto at over 90 million merchants worldwide.
Their attempt to bridge the gap between crypto and everyday purchases is another step towards furthering global cryptocurrency adoption in the most tangible manner.
This is set to roll out first in Argentina, and those with a valid national ID will allow Binance users with a Binance card to make purchases and pay bills with cryptocurrencies, including Bitcoin and BNB.
Users can enjoy a seamless transaction in which their cryptocurrencies are converted to fiat currency in real-time at the point of purchase, as well as earn up to 8% in crypto cashback on eligible purchases and enjoy zero fees* on ATM withdrawals.
“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow…We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption”Maximiliano Hinz, general director of Binance in Latin America.
Binance cardholders will be able to manage their cards through the card dashboard on the Binance App and website. Users will also be able to view their transaction history and access customer support via the card dashboard.
“Our work with digital currencies builds on our strong foundation to enable choice and peace of mind when people shop and pay. Together with our partners, Mastercard has been leading the payments industry in enabling entry to this exciting new world, helping bring millions of additional users into crypto and other digital assets in a safe and trusted manner”Walter Pimenta, Executive Vice President, Products and Innovation, Mastercard Latin America and the Caribbean.
Beyond making crypto payments accessible to everyone, adoption from massive corporations like MasterCard has an underlying upside on the future of blockchain.
When done right, a collaboration between Mastercard and Binance will be seen as a guiding star, while other corporations wait on the sidelines and play catch-up games after.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: Financial Times