Colombia is one of the countries in Latin America with the highest adoption of Bitcoin and cryptocurrencies.
It is, therefore, logical that exchanges such as Binance have decided to expand their product offering in the South American country, in this case with a prepaid card that can be used to purchase digital assets from more than 90 million merchants worldwide.
Bitcoin has become an alternative for Colombians who want to protect themselves from the devaluation of their national currency and cope with inflation, which has surged since last year.
Colombia is the third country in Latin America to have a prepaid card, after Argentina and Brazil.
With this launch, the exchange aims to promote the adoption of cryptocurrencies in the region and support the integration of traditional and decentralized finance.
“As one of the world’s leading countries in cryptocurrency adoption, Colombia is a significant market for Binance.”
“We believe that offering a Binance card will encourage even wider adoption of cryptocurrencies among Colombians, contributing to the development of the blockchain and crypto ecosystem in the country, while taking another important step in bringing cryptocurrencies closer to the daily lives of millions of people,” said Daniel Acosta, Binance’s General Manager for Colombia.
All Binance users in Colombia with valid IDs can apply for the card through the app or the exchange’s website.
When paying with the Binance Card at a point of sale, there is an automatic conversion from the selected cryptocurrency to the local currency, in this case, Colombian pesos (COP).
In the card’s control panel, the user must select one of the 12 cryptocurrencies to make payments, including Bitcoin (BTC), Ether (ETH), BNB, Shiba Inu (SHIB), XRP, Solana (SOL), Cardano (ADA), Polkadot (DOT), Polygon (MATIC), and Chainlink (LINK).
There is a 0.9% conversion fee, while Binance claims it does not charge a fee for ATM withdrawals.
It is possible to get cashback of up to 8% on qualifying purchases.
Binance’s prepaid card launch in Colombia is possible thanks to the commercial alliance with Movii.
The exchange plans to expand its reach to other countries in Latin America and the rest of the world.
It is worth noting that the product is still in beta.
Live Market IntelligenceColombia — Live Market Board
Rio Times · Live Market Intelligence
Colombia — Live Market Board
+0.49%
172,758.89
-0.35%
66,125.27
-0.74%
10,877.68
-0.18%
3,281,489
+1.79%
2,309.56
+0.49%
56,620.35
—
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| COLCAP | 2,309.56 | +0.49% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| USD/COP | 3,232 | -1.12% | -19.60% | 3,269 | 3,255 | 3,230 | — |
| BRENT | 91.54 | +2.60% | +32.26% | 89.22 | 91.97 | 87.88 | 25,652 |
| WTI | 84.60 | +1.65% | +25.89% | 83.23 | 85.03 | 81.39 | 165,397 |
| ECOPETROL | 16.50 | +2.93% | +85.97% | 16.03 | 16.54 | 16.17 | 660,156 |
| BANCOLOMBIA | 81.70 | +1.08% | +79.11% | 80.82 | 82.51 | 81.03 | 28,640 |
| GRUPO AVAL | 4.99 | +0.81% | +66.50% | 4.95 | 5.06 | 4.97 | 14,144 |
| TECNOGLASS | 45.22 | -1.93% | -38.83% | 46.11 | 46.72 | 45.22 | 11,491 |
| CREDICORP | 392.71 | +1.51% | +73.68% | 386.85 | 396.15 | 389.79 | 21,362 |
| BUENAVENTURA | 30.85 | +2.63% | +76.88% | 30.06 | 31.00 | 30.42 | 60,617 |
| SOUTHERN COPPER | 182.87 | +4.46% | +94.38% | 175.07 | 183.67 | 179.97 | 290,471 |
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