Crypto exchange Binance has debuted a new service that will allow institutions to store their crypto in cold storage.

Binance Debuts Crypto Card in Colombia

  • Binance has launched its crypto card in Argentina and Brazil, making Colombia the third Latin American nation.
  • The Binance card features zero fees on ATM withdrawals and up to 8% cash back on eligible purchases.
  • Binance plans to expand its card service to other regions in the coming months as well as strengthen its ties with regulators across the world.

Crypto exchange Binance has announced the launch of its Binance Card in Colombia, making it the third Latin American nation to receive this service after Argentina and Brazil. Binance has a strong presence in the Colombian crypto market, which has seen massive adoption levels in recent months.

The prepaid crypto card is a part of Binance’s ongoing efforts to connect the budding crypto ecosystem with traditional payment systems and help customers use digital assets to make purchases. As per a Binance report, the card is in beta testing and will soon be widely accessible.

Reacting to the launch, 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 taking another step to bring cryptocurrency closer to the everyday lives of millions of people.

The Movii-issued card enables all new and current Binance users in Colombia with a legitimate national ID to make purchases and settle payments using cryptocurrencies, including bitcoin and BNB, at more than 90 million merchants globally, both in-store and online.

The card comes with a couple of benefits for users. First, it will allow for easy conversion of users’ cryptocurrencies to fiat in real-time at the point of purchase. Second, cardholders will enjoy up to 8% cashback in crypto on some transactions and zero fees on ATM withdrawals. However, network and third-party service fees might apply.

Holders of Binance cards will also have access to a special dashboard on the Binance app and website to manage their cards. The dashboard will include transaction history and make customer support easily accessible.

Furthermore, merchants will be paid in fiat, while Binance Card will fund transactions with any of the 12 supported cryptocurrencies. Some supported cryptocurrencies include stablecoins BNB, BTC, ETH, ADA, DOT, SOL, SHIB, XRP, MATIC, and LINK.

Binance plans to expand its card offering to new regions in the coming months.

Lawrence Woriji Verified

Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.

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